President Joe Biden is slated to meet Wednesday afternoon with executives from big U.S. tech companies, as he continues his push to secure billions of dollars in taxpayer money for semiconductor manufacturing.
HP HPQ, +1.36% CEO Enrique Lores, Medtronic MDT, +0.54% CEO Geoff Martha and Micron MU, +1.63% CEO and President Sanjay Mehrotra are expected to take part in the White House meeting, along with Cummins CMI, +3.46% COO and President Jennifer Rumsey and executives from Samsung 005930, -0.86% and Whirlpool WHR, +1.95%.
Biden and other administration officials will “focus in particular on why passing competitiveness legislation is critical for lowering prices for working families by addressing bottlenecks like semiconductor SOXX, +3.56% SMH, +3.67% chips, manufacturing more in America, and strengthening our supply chains to make our economy more productive,” a White House official said.
Wednesday’s meeting is scheduled to start around 2 p.m. Eastern.
In his State of the Union speech last week, Biden called for Congress to send bipartisan legislation to his desk that would include more than $50 billion in subsidies for chip makers, along with billions more for other industries to build out U.S. manufacturing capacity. The Senate passed its version of such legislation in June, while the House passed its version last month, and negotiators are now attempting to reconcile the two versions of the legislation.
Read more: Semiconductor, PC stocks rally after Biden touts importance of U.S. chip manufacturing
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U.S. stocks SPX, +2.49% DJIA, +2.12% traded sharply higher Wednesday, with analysts pinning the gains in part on hopes for peace talks that might bring an end to Russia’s attack on Ukraine.
MarketWatch’s Wallace Witkowski contributed to this report.
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