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Illustration: Shoshana Gordon/Axios

A coalition of New York businesses, along with Sen. Charles Schumer (D-N.Y.), is making its case that the Empire State should be a prime beneficiary of federal funding for the domestic semiconductor industry.

State of play: Congress's push to pass funding for the U.S. chip industry remains stalled, but regions of the country are already trying to make their case for a share of the money.

Driving the news: Executives from IBM, GlobalFoundries, Analog Devices and Applied Materials, among dozens of other business and academic leaders, sent a letter to the state's Congressional delegation making the case for both passage of the stalled chip industry funding and for directing a big chunk of that money to the New York region.

  • "We have no time to waste," the New York-area business leaders write in their letter, which was seen by Axios. "For the United States to retain its semiconductor leadership, we must act with speed and the (federal government) should use existing assets to produce results quickly."

Schumer makes a similar case in a separate letter to Commerce Secretary Gina Raimondo.

  • "As we work with the House to pass a final bill into law and as the Administration begins planning for implementation of the semiconductor programs, I want to highlight for you the central role New York can play in quickly expanding domestic chip production and enhancing the nation's R&D leadership," Schumer wrote.

Between the lines: There is support for such funding across party lines, but it has yet to get final approval from Congress despite months of intense lobbying from tech leaders.

  • Companies including Intel and Micron have said they are ready to invest in U.S. manufacturing but need federal funding to help even out the higher cost of making chips here versus in Asia.

Go deeper

Biden admin threatens to take back Arizona's COVID aid over anti-mask rules

Arizona Gov. Doug Ducey. Photo: Chip Somodevilla/Getty Images

The Biden administration warned Arizona Gov. Doug Ducey (R) that it will take back the state's COVID-19 relief aid if it does not redesign programs that use the funding to discourage schools from mandating masks.

Driving the news: The state has two programs that are directed to schools and students. However, these programs take funding away from jurisdictions that have imposed mask requirements in schools, AP reports.

Updated 3 mins ago - Economy & Business

Janet Yellen co-opts Reaganomics phrase for new Davos speech

Treasury Secretary Janet Yellen at a speech this week. Photo: Alex Wong/Getty Images

The U.S. needs to focus on increasing its productive potential, Treasury Secretary Janet Yellen told world leaders Friday, calling for what she terms "modern supply side economics."

Why it matters: She co-opted a phrase traditionally used by political conservatives to describe low-tax and deregulatory policies — and framed the Biden administration's initiatives as the best path forward to achieve greater national prosperity.

National Archives releases Trump White House records to Jan. 6 panel

Photo: Chip Somodevilla/Getty Images

The National Archives on Thursday evening released records of former President Trump's White House to the House Jan. 6 Select Committee, the agency said.

Why it matters: The committee now has documents that Trump attempted to keep hidden, arguing that their release would undermine his executive privilege.