President Biden recently unveiled approximately 30 new actions as part of his Bidenomics agenda. The objective is for these initiatives to improve supply chain resilience and ensure that Americans have access to essential products, businesses experience reliable deliveries, and strengthens agricultural and food systems.
STRENGTHENING THE U.S. SUPPLY CHAIN
The White House promoted these action with a promise of building a robust supply chain that will support a strong economy and mitigate inflation. Key announcements include:
1. Creation of the Council on Supply Chain Resilience
The White House Council on Supply Chain Resilience, co-chaired by the National Security Advisor and National Economic Advisor, includes key Cabinet members and senior officials. This council will play a pivotal role in advancing a comprehensive, government-wide strategy to ensure supply chain resilience.
2. Defense Production Act for Essential Medicines
Utilizing the Defense Production Act, President Biden expands the Department of Health and Human Services’ authorities to enhance domestic manufacturing of essential medicines. This includes a $35 million investment in key starting materials for sterile injectable medicines, mitigating drug shortages and bolstering supply chain resilience.
3. Cross-Governmental Supply Chain Data-Sharing
New data-sharing capabilities, such as the Department of Commerce’s Supply Chain Center and the Department of Transportation’s Freight Logistics Optimization Works program, aim to improve supply chain monitoring and strategy. These initiatives foster collaboration among government agencies, industry, and academia to drive targeted actions for increased resilience.
4. Investments in Critical Supply Chains
Significant investments across sectors, including $275 million for clean energy supply chains, $196 million to strengthen domestic food supply chains, and a comprehensive National Defense Industrial Strategy by the Department of Defense, underscore the administration’s commitment to securing critical supply chains.
5. Long-Term Planning and Readiness
The administration is initiating a quadrennial supply chain review, updating criteria for critical industries, and launching a smart manufacturing plan. These actions ensure a forward-looking approach to industrial resilience and future supply chain investments.
6. Global Engagement and Partnerships
Engaging with allies and partners globally, the administration is deepening international early warning systems, strengthening global supply chains through innovative partnerships, and addressing labor rights abuses in global supply chains.
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