9th August, 2022
U.S. President Joe Biden on Tuesday signed a $280 billion bipartisan bill to boost domestic high-tech manufacturing, part of his administration’s push to boost U.S. competitiveness over China.
“The future of the chip industry is going to be made in America,” Biden said in a sweltering Rose Garden ceremony Tuesday, referring to the diminutive devices that power everything from smartphones to computers to automobiles.
Lawmakers, union officials, local politicians and business leaders attended the signing of the bill, a core part of Biden’s economic agenda that will incentivise investments in the American semiconductor industry.
The U.S. hopes to reduce its reliance on overseas supply chains for chips that are critical for cutting-edge goods.
The legislation sets aside $52 billion specifically to bolster the U.S. computer chip sector.
It took more than a year for the bill to pass the two chambers.
It finally cleared Congress late last month with significant bipartisan margins.
The Senate passed it 64-33, with 17 GOP senators supporting it.
Tthe House quickly followed suit with a 243-187 vote that included 24 House Republicans in favour, even though party leaders began urging their ranks to vote against it after Democrats advanced a separate sweeping bill focused on climate and health care.