Peters, Portman, Stabenow Bipartisan Legislation to Strengthen U.S. Supply Chains & Economic Security Advances in Senate

WASHINGTON, DC – Legislation authored by U.S. Senator Gary Peters (D-MI) bill to strengthen U.S. supply chains and domestic production capacity in ways that benefit homeland security has advanced in the Senate. The legislation will assign the Department of Homeland Security’s existing Trade and Economic Security Council the role of identifying economic risks to the homeland, setting priorities for securing the country against identified risks, coordinating activity across DHS to meet those priorities, and proposing statutory and regulatory changes where necessary to meet those priorities. The bill is also sponsored by U.S. Senators Rob Portman (R-OH) and Debbie Stabenow (D-MI). It was approved by the Senate Homeland Security and Governmental Affairs Committee where Peters serves as Chair and Portman serves as Ranking Member.

“There is no question that our overreliance on foreign suppliers for semiconductor chips and other critical supplies has hurt American workers and manufactures and has exposed an economic vulnerability,” said Senator Peters. “This bipartisan legislation, that has now passed the Committee, will help bolster our economic and national security by improving efforts by DHS to ensure states like Michigan can continue to lead the way in manufacturing, create good-paying union jobs, and serve as a hub of international commerce.”

“I applaud my colleagues in the Senate Homeland Security and Governmental Affairs Committee for passing this bipartisan bill because when our country is facing shortages of everything to baby formula to semiconductors, we need dedicated experts in government to focus on how to strengthen our supply chains and domestic manufacturing capabilities,” said Senator Portman. “This bipartisan legislation will do that by codifying the new Assistant Secretary at DHS focused on economic security and supply chains”

“There’s no question that strengthening our domestic manufacturing and food supply chains is critical to our national security. This bipartisan legislation is an important step to address critical shortages and breakdowns that will not only benefit our economy but our homeland security too,” said Senator Stabenow.

The DHS Trade and Economic Security Council Act will direct the Assistant Secretary for Trade and Economic Security to formulate policy regarding economic risks to homeland security and serve as the DHS point person on the Committee on Foreign Investment in the United States (CFIUS), and the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector.