The White House,Remarks by National Economic Advisor Lael Brainard on Making America’s Supply Chains More Resilient

Remarks by National Economic Advisor Lael Brainard on Making America’s Supply Chains More Resilient

December 19, 2024

National Economic Advisor Lael Brainard

Good afternoon. Thank you all for joining us today. I am pleased to be here to discuss the Biden-Harris Administration’s efforts to make America’s supply chains more resilient.

As you know, the COVID-19 pandemic exposed vulnerabilities in our supply chains that had been building for years. The pandemic caused major disruptions to the flow of goods and services, leading to shortages of essential items and higher prices for consumers.

These disruptions also highlighted the over-reliance of our economy on a narrow set of suppliers, particularly in critical sectors like semiconductors and pharmaceuticals. This concentration made us vulnerable to shocks, such as natural disasters, geopolitical events, and pandemics.

The Biden-Harris Administration is committed to addressing these vulnerabilities and making our supply chains more resilient going forward. We are taking a comprehensive approach that includes:

  • Investing in domestic manufacturing
  • Diversifying our supply chains
  • Strengthening our trade relationships
  • Building up our stockpile of critical goods
  • Improving our data and information systems

We have already made significant progress on these fronts.

Investing in Domestic Manufacturing

First, we are investing in domestic manufacturing to reduce our reliance on foreign suppliers.

For example, we have invested $50 billion in the CHIPS and Science Act to boost domestic semiconductor manufacturing. We have also provided funding for other critical sectors, such as pharmaceuticals and batteries.

These investments will help us to create good-paying jobs in the United States and reduce our dependence on foreign suppliers.

Diversifying Our Supply Chains

Second, we are diversifying our supply chains to reduce the risk of disruptions.

We are working with our allies and partners to develop new sources of critical goods. For example, we have partnered with Japan and the Netherlands to increase our production of semiconductors.

Building Up Our Stockpile of Critical Goods

Third, we are building up our stockpile of critical goods to ensure that we have the resources we need in the event of a disruption.

We have already increased our stockpile of personal protective equipment (PPE) and other medical supplies. We are also working to build up our stockpile of other critical goods, such as semiconductors and batteries.

Improving Our Data and Information Systems

Finally, we are improving our data and information systems to track the flow of goods and identify potential disruptions.

We have launched a new Supply Chain Disruptions Warning Network to provide early warning of potential disruptions.

These are just a few of the steps that the Biden-Harris Administration is taking to make America’s supply chains more resilient. We are confident that these efforts will help us to better withstand future disruptions and keep our economy strong.

Thank you.


Remarks by National Economic Advisor Lael Brainard on Making America’s Supply Chains More Resilient

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