President Biden plans to sign an executive order aimed at addressing the global semiconductor chip shortage which has forced U.S. automakers and other manufacturers to completely cut production.
The order that was due to be signed on Wednesday will launch a 100day review of supply chains for these four critical products: semiconductor chips, large-capacity batteries for electric vehicles, rare earth minerals and pharmaceuticals.
Along with this order, six sector reviews (areas of defense, public health, communications technology, transportation, energy & food production) will be conducted to insure a stable and strengthened industrial base.
There has been overwhelming supply shortages of personal protective equipment due to Covid-19 which has significantly impacted frontline workers. The recent chip shortage has forced automaker to cut staff yet impacting the economy.
Biden Admin officials stated, “Make no mistake, we’re not simply planning to order up reports. We are planning to take actions to close gaps as we identify them.”