Hoyer: Congress' effort to slow soaring auto prices with chip bill won't happen until summer

As the chip shortage continues to drive up vehicle prices, House Majority Leader Steny Hoyer said Tuesday that Congress' China competition bill that includes billions of dollars for computer chip production won't pass until the summer. 

In early February, the Democratic-led House passed a new version of the bill with funding for chip makers, more than 7 months after the Senate passed its version with a bipartisan vote. 

According to Kelly Blue Book, new vehicle prices increased by $6,220 on average in 2021. The chip shortage has also raised demand for used vehicles and increased prices. 

"It's going to take time because there are significant differences between the House and Senate bills," Hoyer told reporters. "It's essential, and of course, getting chips underway right now, is going to take some time. This is a $52 billion investment, which is a big part of the bill but it will take time."

Hoyer said he is "hopeful that we'll get it done by summer."