Biden signs $280 Billion CHIPS Act in bid to boost US over china
From Transport Topics. President Joe Biden enacted into law legislation designed to enhance domestic semiconductor manufacturing and alleviate supply chain bottlenecks. At a signing ceremony for the bill at the White House on Aug. 9, Biden emphasized its potential economic and social benefits. “As we saw during the pandemic,” Biden told the crowd, which included…
From Transport Topics.
President Joe Biden enacted into law legislation designed to enhance domestic semiconductor manufacturing and alleviate supply chain bottlenecks.
At a signing ceremony for the bill at the White House on Aug. 9, Biden emphasized its potential economic and social benefits.
“As we saw during the pandemic,” Biden told the crowd, which included members of Congress and industry stakeholders, “when factories that make these chips shut down, the global economy comes to a screeching halt.”
The president also highlighted the law’s merits.
“It’s in our economic interest,” he said, “and it is in our national security interest.”
Democratic congressional leaders and Commerce Secretary Gina Raimondo joined Biden. Senate Majority Leader Chuck Schumer of New York and Speaker Nancy Pelosi of California, each of whom managed a bipartisan team of colleagues to pass the bill, touted the measure’s aim of improving economic conditions for the large-scale production of semiconductors.
“This is a bill about make it in America,” Pelosi said at the ceremony. “Our technology has altered the course of history and our workforce, our workforce has been the envy of the world.”
Specifically, the CHIPS and Science Act dedicates more than $50 billion in grants for the semiconductor sector and related industries. The law also targets myriad programs to boost resources in science, technology, engineering and mathematics
For months, Raimondo pressed Congress to pass the semiconductor bill. The secretary had argued during congressional hearings the legislation’s provisions would respond to national security concerns and provide economic assurances for stakeholders. Raimondo, addressing the crowd at the White House before Biden, focused on potential employment opportunities, insisting the law paves the way for “creating hundreds of thousands of high-quality, high-paying manufacturing jobs in the United States of America.”
See the complete article online at Transport Topics.