Biden Signs CHIPS Act to Revitalize US Semiconductor Manufacturing
President Biden signs the CHIPS and Science Act of 2022 into law, allocating $52.7 billion to boost domestic semiconductor production and reduce reliance on foreign supply chains.
President Biden signs the CHIPS and Science Act of 2022 into law on the White House South Lawn, marking a major bipartisan victory for domestic technology production. The bill passes with wide margins in both the Senate and the House after overcoming last-minute roadblocks, bringing together lawmakers to address the country's declining role in semiconductor manufacturing.
The legislation allocates $52.7 billion specifically for the research, development, and domestic manufacturing of semiconductors. Of that total, $39 billion goes directly toward incentivizing manufacturers to build facilities in the US, while $2 billion focuses on producing legacy chips currently in short supply for the automotive and defense industries.
Business leaders and politicians praise the law as a crucial step toward fixing broken supply chains and bringing jobs back to American soil. During the signing ceremony, EV startup founder Joshua Aviv highlights how the bill helps companies escape the mercy of global supply chain disruptions, while Michigan Governor Gretchen Whitmer celebrates the investment as a historic opportunity to rebuild US manufacturing hubs.