In remarks celebrating the enactment of the CHIPS and Science Act on Thursday, House Speaker Nancy Pelosi (D-Calif.) took a brief detour to praise the Inflation Reduction Act (IRA), signed into law by President Joe Biden earlier in the week, for allocating $60 billion to diversity and the fight against climate change.
After discussing how her party has more work to do on immigration, Pelosi called the CHIPS and Science Act a “triumph that takes place in the context” of enactment of the Inflation Reduction Act. She then said the IRA provides “$60 billion for diversity, as we meet the challenge of the climate crisis”:
“This is a triumph that takes place in the context of this, this, a couple days, yesterday, the president, two days ago, the president signed the IRA – not to be confused with anything going on in Ireland – but, the Inflation Reduction Act.
“In that bill, we have $60 billion for diversity, as we meet the challenge of the climate crisis, directly connected, as you mentioned, to what we’re doing here.”
“So, again, it’s about inclusion, it’s about investing in our children, our future, our education, in the search. It’s about doing so in a way that is respectful of a great diversity of views,” Pelosi continued. “And, we could not have done it without the intellectual resources, some of whom you see here, without the private sector enthusiasm this needs to have via public-private partnership. And, it couldn’t happen without the tremendous leadership of our president, Joe Biden.”
Pelosi, then, excused herself from the podium.
As Fox Business explains, the CHIPS and The bipartisan legislation “aims to improve competition with China by strengthening U.S. manufacturing, supply chains and national security, and invests in research and development, science and technology.” It allocates tens of billions of dollars to support the U.S. semiconductor industry.