The $280 billion CHIPS Act was passed by the US Senate
A highly controversial bill dealing with chips and science was passed by the U.S. Senate on July 27. Now that the bill has passed the House, it will be sent to the desk of President Joe Biden for signature if it passes there.
With a vote of 64-33, the bill passed with the aim of providing $280 billion in funding for domestic semiconductor manufacturing and research, well above previous bills aiming to provide just $52 billion.
As China pours money into its own chip production, proponents of the bill say the bill is essential to preserve a competitive edge.
The CHIPS Act of 2022 provides government-backed technology research funding and subsidies for tech companies that are part of the government's efforts to spur new market growth.
A provision that would have blocked manufacturers from using technology developed with Chinese outsourcing funds was stripped by Senate Majority Leader Chuck Schumer at the last minute. As China pours money into its own chip production, proponents of the bill say the bill is essential to preserve a competitive edge.
27 July 2022