Semiconductor bill signed by Biden is worth $280 billion

Photo Credit: Gage Skidmore

In an effort to boost semiconductor manufacturing and research endeavors in the United States, President Joe Biden signed the CHIPS and Science Act on Aug. 9. The act allocates $280 billion toward boosting domestic semiconductor manufacturing and research.

By developing a more robust workforce and reducing reliance on foreign supply chains, the administration maintains that the mammoth spending package will improve jobs and national security.

“Today, I sign into law the CHIPS and Science Act,” Biden said in a tweet. “It’s a once-in-a-generation law that invests in America by supercharging our efforts to make semiconductors here at home.” “Today represents a more secure economy, jobs, and a stronger future for our nation. America is delivering.”

“The CHIPS and Science Act will boost American semiconductor research, development, and production, ensuring U.S. leadership in the technology that forms the foundation of everything from automobiles to household appliances to defense systems,” said a White House fact sheet on the law.

9 August 2022