Biden set to boost America’s semiconductor production with signing of CHIPS & Science Act
The president signed the legislation into law on Tuesday.
WASHINGTON (Gray DC) - President Joe Biden says he’s giving the nation a $280 billion dollar boost to make key products right here in America.
On Tuesday, Biden signed the CHIPS & Science Act into law at a ceremony at the White House in front of lawmakers from across the country.
“This law funds the entire semiconductor supply chain for research and development,” said Biden.
The president says it will amplify the United States competitiveness over China specifically when it comes to semiconductor chip production.
Two plants by Intel are already under construction near Columbus, Ohio. The White House says more manufacturing companies are announcing plans for increased chip production.
“This will allow us to not only be secure, but leap ahead,” said Gina Raimondo, U.S. Commerce Secretary.
The legislation funds training in engineering and technology sectors, which the White House says will mean more high paying jobs.
She talks about the one sticking point that brought them to the table.
“I think it was national security concerns,” said Raimondo. “So right now, we buy all of our semiconductors from Asia, specifically Taiwan, and those are the chips that are in every piece of military equipment.”
The CHIPS Act easily passed both the House and Senate with bipartisan support, but some Republicans remained opposed saying it was just a green light for higher taxes and further corporate welfare.
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