To find out vulnerabilities in supply chains, Biden signs executive orders
To avoid the shortages in goods and boost domestic production amid the pandemic, President Joe Biden has signed a series of executive orders to address the vulnerabilities in supply chains of the US economies.
Joe Biden said that the new orders are being made so that the country can face all the problems in the pandemic as well as in defence, cybersecurity, climate change, and so much more.
He said, “the order will help address the vulnerabilities in our supply chains across additional critical sectors of our economy so that the American people are prepared to withstand any crisis and rely on ourselves.”
“And the best way to do that is by protecting and sharpening America’s competitive edge by investing here at home. As I’ve said from the beginning, while I was running: We’re going to invest in America. We’re going to invest in American workers. And then we can be in a much better position to even compete beyond what we’re doing now,” Biden said.
He further added that the solution to supply chain will be to increase domestic production and work with allies.
The US needs to make the supply chains secure and reliable. One of the executive orders signed by him orders a 100-day review of four products: semiconductors; key minerals and materials, like rare earths, that are used to make everything from harder steel to airplanes; three, pharmaceuticals and their ingredients; four, advanced batteries, like the ones used in electric vehicles, he said.
“There’s strong bipartisan support for fast reviews of these four areas because they’re essential to protecting and strengthening American competitiveness,” Biden said.
To fortify supply chains, these reviews will identify policy recommendations.
“It should be to fortify our supply chains at every step, and critically, to start implementing those recommendations right away.
“We’re not going to wait for a review to be completed before we start closing the existing gaps,” he added.
Biden met with members of House and Senate to discuss supply chains resilience.
At a White House news conference, Deputy Director of the National Economic Council Sameera Fazili said, “We know that even before the Covid-19 crisis, the economy was not working for most Americans. Worker pay was too low. Many families could not make ends meet. Many of the jobs that served as the heart of the middle class had been lost due to changes in both technology and the structure of the global economy”.
“Disruption is inevitable. But over the past few years, we have moved from crisis to crisis when some essential product was suddenly in short supply. What we need is the capacity to respond quickly when hit by a challenge. This executive order moves the whole government towards being more prepared,” she said.