U.S. Commerce Secretary Gina Raimondo joins Yahoo Finance's Julie Hyman to discuss the semiconductor shortage, the chances Washington will help the problem, and gas prices.

Video Transcript

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JULIE HYMAN: Welcome to "Yahoo Finance Presents." I'm joined now by Secretary of Commerce Gina Raimondo who's right in the middle of negotiations around the semiconductor bill that we have all been waiting for and watching very closely. So secretary, first of all, thank you for taking the time from those negotiations to speak with us. It's something that our viewers, our readers have been very interested in.

And I know you've been in close and pretty constant contact with lawmakers even up to now. So let's talk about that. What is the latest? What are you hearing from those lawmakers? And are you expecting a vote on this bill by Tuesday?

GINA RAIMONDO: First of all, good morning and thank you for having me. Yes, I do expect that there will be a vote next week. Leader Schumer has indicated that time's up and it's time to take a vote. And I very much think he's doing the right thing there. This is a matter of national security. This is a matter of urgency.

Just in the past few weeks alone we've heard from several American semiconductor companies who are expanding in other countries, in France and in Germany and in South Korea because those countries are moving faster than the United States and providing these incentives. So this is really a time's up moment. There's broad bipartisan support for this.

This week I briefed the House and the Senate, and there's broad bipartisan support. There seems to be no argument that this chips bill is necessary for our national security, for our ability to compete with China. And it's time for Congress to do its job and vote yes next week.

JULIE HYMAN: There doesn't seem to be a debate perhaps around the content of this bill itself. It's more a matter of what it has been attached to, right? And a lot being made today of the news that Senator Joe Mancin-- Manchin, excuse me-- is pulling the plug on parts of reconciliation and other parts that were attached to this bill.