indie Semiconductor Inc (INDI)

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President Biden is planning to sign an executive order to address the shortage of semiconductors, or chips, an issue that industry has begged him to take action on recently.

White House press secretary Jen Psaki announced the pending order during the daily press briefing Thursday, noting that the order would be signed “in the coming weeks.”

“The administration is currently identifying potential chokepoints in the supply chain and actively working alongside key stakeholders in industry and with our trading partners to do more now,” Psaki told reporters. “At the same time, we are looking down the road, the long-standing issue with short supply of semiconductors ... is one of the central motivations for the executive order the president will sign.”

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Psaki noted that the executive order will involve the undertaking of a “comprehensive review of supply chains for critical goods.”

“The review will be focused on identifying the immediate actions we can take, from improving the physical production of those items in the U.S., to working with allies to develop a coordinated response to weaknesses and bottlenecks that are hurting American workers,” Psaki said.