Chips bill the 'wrong policy at the wrong time,' former Treasury official warns
Senate expected to vote on $52 billion bipartisan chip bill shortage amid record inflation
Former Treasury official warns chips bill is the 'wrong policy at the wrong time'
Former Deputy Assistant Treasury Secretary Christine McDaniel argues against putting the government in a place 'to choose winners and losers.'
Former Deputy Assistant Treasury Secretary Christine McDaniel called the Senate's chips bill the "wrong policy at the wrong time" during "Mornings with Maria" Monday, arguing the government doesn't need to put U.S. taxpayers on the hook to bring chip assembly to the country.
Former Deputy Assistant Treasury Secretary Christine McDaniel discusses the Senate's chip bill on "Mornings with Maria." (Fox News)
CHRISTINE MCDANIEL: I mean, it is the wrong policy at the wrong time. And, the root of market power in the semiconductor industry is in the design, the research and development, the intellectual property. And as you pointed out, the U.S. firms already have a quite a bit of a lead on all of those key areas. So we don't really need to put U.S. taxpayers on the hook for $76 billion to bring assembly of the chips to the US. Yeah, that's not where the high value-added is anyway and that's not going to help us compete with China. They really want to spend the money, do a R&D tax credit across the board, make it technology neutral or industry neutral. Don't put the government in the place of having to choose winners and losers. We know they're very bad at that. Or better yet, just save the $75-76 billion.
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Former deputy assistant Treasury secretary: Very likely we're going to be hitting a recession
Former Deputy Assistant Treasury Secretary Christine McDaniel argues the Fed needs to get control of inflation as recession fears rise and discusses the Senate chip bill.