Sen. Marco Rubio, R-Fla., criticized the bipartisan CHIPS Act of 2022, the focus of which is to increase economic competition with China - specifically in the semiconductor industry. On "Mornings with Maria" Wednesday, Rubio affirmed he would not support the bill due to "loopholes" he argues would favor China in the long run.
MARCO RUBIO: I'd say two things. The details of these bills matter. I want people to understand we need to make semiconductors in America. We'll never be able to do it if we don't help, because these companies that we're competing against are subsidized by the Chinese government. So they're going to undercut us no matter what we do. The problem with this bill is, number one, it has a massive loophole in it that would allow companies to continue to take taxpayer money and build chips in China.
CHINA COMPETITION BILL CLEARS SENATE FILIBUSTER, ON PATH FOR LIKELY PASSAGE
And number two is it had weakened all the protections. So they're already stealing our research and development. Now they'll just be able to steal more of it because there'll be more of it available for them to steal. So I tell everybody, I tweeted it this morning, people will remember that tweet in the future. When the stories start coming out about how companies that are getting taxpayer money have been allowed by commerce to continue to build chips in China, or when the stories come out about how we increased our investment in semiconductors and China stole that investment, people will remember this bill. I wanted to support this bill, but I can't support a bill that has those loopholes in it. I just can't.
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