U.S. Commerce Secretary to meet with companies affected by semiconductor shortage

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According to people familiar with the plans, Commerce Secretary Gina Raimondo plans a summit with companies impacted by the global semiconductor shortage, including the largest chip manufacturers and U.S. automakers.

The meeting will be attended on 20 May, according to an invitation issued to companies and obtained by Bloomberg News.The Commerce DepartmentCommerce Department said in the invitation that it aims to create and maintain '' an open dialogue about semiconductors and supply chain matters and aims to bring together suppliers and consumers of chips.

Companies invited to the virtual summit include Intel Corp. Taiwan Semiconductor Manufacturing Co. Ltd.Taiwan Semiconductor Manufacturing Co. Ltd. Google, Amazon.com Inc. General Motors Co. and Ford Motor Co. Experts familiar with the matter said.

The White House and a Commerce Department spokeswoman did not immediately respond to a request for comment.

Raimondo reiterated last week that the administration is unlikely to come up with a quick solution for the shortage that's idled auto plants around North America and has led to production delays for consumer electronics and medical devices.

'We are working on it but there is no quick fix, she said on Friday at the White House after meeting with president Joe Biden and other members of the cabinet on infrastructure.

'We are constantly in constant contact with the auto companies, the semiconductor companies, we're going to try to do what we can to alleviate the shortage at home, but in the long run the solution is to be less dependent on China and Taiwan and making more chips in America, she added.

As part of his infrastructure plan, Biden has proposed $50 billion in semiconductor research and development funds.The measure has bipartisan support on Capitol Hill and could possibly move as part of a broader China Competitiveness Bill that is likely on a faster timeline than Biden's proposal.

At the White House last month, the president and senior aides convened a meeting on semiconductor supply chain issues.Many of the companies that participated in that summit are expected to be in attendance at the meeting with Raimondo.

According to a person familiar with the issue, department staff will meet this week with company representatives to craft the agenda for the Raimondo summit.

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