Bill invests $52 billion in semiconductor research and production
On Tuesday, President Joe Biden signed the CHIPS and Science Act into law, bipartisan legislation that invests more than $52 billion in semiconductor research and production and authorizes another $200 billion over the next ten years to boost U.S. scientific research. The legislation addresses a global chip shortage that has left U.S. manufacturers struggling to find the semiconductors needed to make products ranging from cars to home appliances. The bill also aims to better compete with China through its massive federal investment in research and development.
“This isn’t just a win for tech, this is a win for consumers who’ve struggled to find and afford products during the global chip shortage,” said Chamber of Progress CEO Adam Kovacevich. “This kind of historic investment is going to have economy-wide impacts for workers, for entrepreneurs, and for anyone who wants to see the U.S. continue to lead the global tech sector.”
Chamber of Progress (progresschamber.org) is a center-left tech industry policy coalition promoting technology’s progressive future. We work to ensure that all Americans benefit from technological leaps, and that the tech industry operates responsibly and fairly.
Our corporate partners do not have a vote on or veto over our positions. We do not speak for individual partner companies and remain true to our stated principles even when our partners disagree.