Sen. Marco Rubio (R-Fla.) and Rep. Ro Khanna (D-Calif.) are set to introduce legislation on Tuesday to require federal agencies to address supply chain issues as the country fights the lingering effects of the coronavirus pandemic.
The legislation, which is entitled the National Development Strategy and Coordination Act of 2022, would require Cabinet-level agencies to identify weaknesses in supply chains that could impact national security and domestic manufacturing, according to The Wall Street Journal.
The heads of these agencies would also need to periodically recommend ways for their departments to attract private investment and change federal financing programs to advance economic development.
Khanna told The Hill in a statement that the bill will invest in “critical industries” and create well-paying jobs.
“Workers across the country have seen their jobs shipped abroad and their communities hurt by deindustrialization,” he said. “With such a narrowly divided Congress, restoring American manufacturing leadership is work that can be done in a bipartisan fashion and unify Americans around a shared purpose.”
Rubio told the Journal that the bill would be a “road map” to invest in “things that actually matter” by using the government’s existing tools.
“If we want to be a strong nation, we have to rebuild and invest in critical industries at home,” he said.
The legislation would give the Treasury Department’s Federal Financing Bank $20 billion to be invested over the course of 10 years to take action on the recommendations using loan guarantees, issuing securities-backed financing or purchasing debt, the Journal reported.
The Hill has reached out to Rubio’s office for comment.