It’s happened to millions of Americans over the last 40 years.Īnd it’s part of a much bigger story about America’s declining investments in our workers and our economy. And just like all his buddies, my dad was forced into early retirement.īut the truth of it is, what happened to my dad isn’t unique. My dad worked his whole career in the Bulova Watch Factory in Providence, Rhode Island.īut after 28 years, his job moved to China as the company chased cheap labor. Perhaps more than past Commerce Secretaries, I will be equally focused on domestic and international initiatives.Īmerica’s ability to compete globally depends first on strengthening our domestic workforce, technology innovation, supply chains, and rebuilding our manufacturing base - particularly for critical goods.įor me, rebuilding American R&D and manufacturing are personal. The Commerce Department is particularly well-positioned to lead in this regard because we sit on the red-hot center on advanced tech growing the domestic economy and strengthening trade and national security. This afternoon, I want to spend my time talking to you about my approach to the Commerce Department.Įverything we do is designed to achieve one overarching goal: improve America’s economic competitiveness so that our workers and our companies can succeed in the global economy. Which requires affordable child care and Pre-K. If we are going to solve our labor shortages, we have to expand our labor force, especially by helping women to get back to work. It includes record investments in workforce training programs, public pre-K, affordable childcare, climate, and innovation.Īs we all know, millions of women, in particular, are still out of the workforce. Now, we need to pass the Build back Better Act.įundamentally, this legislation is designed to enable Americans to work and expand our economy by investing in America’s middle class. We firmly believe that this will directly address some of the labor shortages that American businesses are currently facing. And the Commerce Department will oversee the administration of nearly $50 billion to deliver universal, high-speed broadband to every American.Ĭommerce is also responsible for investing $3 billion from the American Rescue Plan for economic development to support communities affected by the pandemic.Īnd as part of that, for the first time ever in history, Commerce is launching an initiative to develop industry-led workforce training and apprenticeships - adding extra emphasis on training women, people of color, and underserved communities. I was integrally involved in negotiating this deal, particularly the broadband component. Thanks to his leadership, Congress passed the Bipartisan Infrastructure Law, a historic investment in our nation’s aging infrastructure. Unemployment is down by more than 70% since the president took office. We’ve made a great deal of progress over the last 11 months.Ĭreating more than 6 million jobs. It’s good to see a return to normalcy.Īs we end the year and reflect on where we are, it has been a challenging year, but overall, I remain bullish on the American economy − and the American people. It’s always great to be here in New York, especially during the holiday season when this city is so festive. We’re here together in person people are out and about in the streets. Thank you, Barbara, for that introduction, and thank you to the New York Economic Club for hosting me today. Interagency Convening on Equitable Economic Growth.