Executives from Samsung, Whirlpool (WHR), HP (HPQ), Medtronic (MDT), Micron (MU), and Cummins (CMI) came to the White House Wednesday along with two governors to address the semiconductor shortage.

Wednesday’s event highlights the role of semiconductors in everything from home appliances to medical devices to power generation. The meeting comes as the White House searches for different ways to show action on supply chain disruptions and on inflation pressures, as the new ban on Russian oil may drive prices ever higher in that sector in the coming days and weeks.

Elizabeth Door, a senior vice president for global strategic sourcing at Whirlpool, told Biden the semiconductor shortage has held the company back. "We see the semiconductors as essential components to our appliances," she said.

Commerce Secretary Gina Raimondo, who led the roundtable alongside Biden, told Yahoo Finance this week that the key issue under discussion was “how we can continue to alleviate the shortage of chips for American business but also how we can work with the private sector and states to increase the domestic production of semiconductor chips.”

Other attendees includes Geoff Martha, the CEO of Medtronic, and Sanjay Mehrotra, the CEO of Micron. Dr. Siyoung Choi, president and general manager of the device solutions division at Samsung, and Enrique Lores, President and CEO of Hewlett-Packard, joined virtually.

The governors in attendance include Eric Holcomb (R-IN) and Gretchen Whitmer (D-MI).

‘Pass this bill’

In addition to working directly with manufacturers, Biden and his aides are prodding Congress to prioritize the languishing bipartisan Innovation Act, which includes funding to spur semiconductor production in the U.S. and boost U.S. manufacturing overall.

Biden said the assembled business leaders were doing their part but "they need Congress to pass the bipartisan Innovation act" to do more. He noted that America has "the opportunity to reclaim the position of leadership" on this issue.

The White House says the legislation would help alleviate current bottlenecks — like car prices spiking due to the chip shortage — and also boost America’s position against competitors like China.

On Capitol Hill, versions of the effort have passed both the House and Senate. However, lawmakers have been slow on getting together to iron out the differences and get it to the president’s desk.

Biden himself also made a push for the bill during his State of the Union address last week.

Intel (INTC) CEO Pat Gelsinger attended the address, and Biden noted that chipmaker wants to increase its investment in domestic chip production from $20 billion to $100 billion. "[What] they’re waiting for, is for you to pass this bill,” Biden told the assembled lawmakers. “And Intel is not alone.”

‘Identify supply chain weaknesses’

Since 2021, the semiconductor industry has announced nearly $80 billion in new investments in the United States through 2025, according to the Semiconductor Industry Association. And the White House promises that investment would only grow if Congress passes the Innovation Act.

Samsung has committed $17 billion towards a semiconductor facility. Texas Instruments (TXN) is also investing up to $30 billion.

The Innovation Act would also create a new Supply Chain Resilience and Crisis Response Office at the Department of Commerce, which officials hope will find weaknesses in the supply chain to preempt disruptions.

For her part, Raimondo said Tuesday that Biden “has been clear with me, we need to continue to engage with the business community, listen to them, partner with them.”

Editor's note: This story was updated with details on the meeting.

Ben Werschkul is a writer and producer for Yahoo Finance in Washington, DC.

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