Press Release

SAN JOSE, CA – September 30, 2008 – The Semiconductor Industry Association (SIA) today called for a renewed effort to craft a true bipartisan solution to the nation’s financial crisis. “There is broad agreement that the Federal government must take action promptly to address the current financial crisis,” said SIA President George Scalise. “The issues that contributed to the failure of the recovery legislation on Monday can be resolved, but it will take bipartisan cooperation.”

 

SIA said Congress must restore consumer confidence by taking action on a recovery package this week. “Consumer demand accounts for more than two-thirds of the U.S. economy,” Scalise continued. “A slowdown in sales of a broad range of consumer products such as personal computers, cell phones, and entertainment electronics would have an adverse impact on semiconductor sales in the fourth quarter, which is normally the strongest quarter for the chip industry. The entire supply chain including our suppliers and customers will be harmed if access to credit becomes difficult. Restoring consumer confidence must be a top-priority in crafting legislation that can achieve strong bipartisan support. As long as consumers have major concerns about job security, the value of their retirement portfolios, and their home equity, consumer spending could be curtailed, leading to an overall economic slowdown,” Scalise concluded.

 

The SIA is the leading voice for the semiconductor industry and has represented U.S. semiconductor companies since 1977. Collectively, the chip industry employs a domestic workforce of 216,000 people. More information about the SIA can be found atwww.sia-online.org.

 

 

For more information:

Semiconductor Industry Association

John Greenagel or Daryl Hatano

408-436-6600