On Tuesday morning President Joe Biden signed a $280 billion bipartisan bill to strengthen domestic manufacturing of semiconductors in an effort to not rely as heavily on overseas production of these important tech components.
The bill—officially known as the CHIPS and Science Act—became law yesterday. It will provide $52 billion to subsidize U.S. semiconductor manufacturing and billions in additional funding for emerging technology research and development.
“Today is a day for builders,” President Biden said at the Rose Garden ceremony. “Today, I’m signing the CHIPS and Science Act – a once in a generation investment in America itself.”