• By The Financial District

BIDEN FORMING TASK FORCE TO SOLVE BOTTLENECKS IN SUPPLY CHAINS

The Biden administration has completed a 100-day review of supply chains and will form a task force to address the bottlenecks in the semiconductor, construction, transportation and agriculture sectors, Josh Boak reported for the Associated Press (AP).

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Administration officials said their goal is to increase domestic manufacturing, limit shortages of vital goods, and reduce dependence on geopolitical competitors such as China.


The officials, speaking before the 250-page review was released Tuesday, noted that the goal is to get ahead of crises such as the computer chip shortage that has hurt automakers this year.


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“More secure and resilient supply chains are essential to our national security, our economic security, and our technological leadership,” the report said, noting how the coronavirus pandemic and subsequent economic turmoil exposed US supply chain vulnerabilities, like when soaring demand for medical products wreaked havoc on the health care system.


A shortage of raw materials has made it harder for the US economy to recover from the pandemic-induced recession.


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The supply bottleneck has helped fuel a bout of inflation that the administration believes will be temporary, though it has provided Republican lawmakers and some economists with grounds for criticizing Biden’s $1.9 trillion coronavirus relief package.


The new task force will be led by the secretaries of Commerce, Agriculture and Transportation to focus on parts of the economy where there is a mismatch between supply and demand.



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Happyornot makes feedback terminals measuring customer satisfaction sing smiley-face buttons.
Happyornot makes feedback terminals measuring customer satisfaction sing smiley-face buttons.