Senate passes CHIPS Act to subsidize domestic semiconductor production – By Brian Heater (Techcrunch) / July 27, 2022
The United States Senate today approved the CHIPS Act, with a 64-33 vote, following yesterday’s cloture passage. The bill, which includes $52 billion to subsidize domestic semiconductor production, now moves onto the House for debate. The current bill bears more than a passing resemblance to the United States Innovation and Competition Act, which also passed through the Senate before petering out in the lower congressional chamber.
The bill is a reaction to the on-going global chip shortage, itself a result of a confluence of international crises, including the pandemic, tense U.S.-China relations, extreme weather phenomena and the on-going Russia-Ukraine War. Those factors, combined with the manufacturing’s concentration in Asia (specifically Taiwan), have led to shortages in the chips that power everything from phones to cars.
Earlier today, I was joined by industry and labor leaders to discuss the importance of passing the CHIPS for America Act to supercharge our efforts to make semiconductors right here in America.
I’m ready to sign this strong, bipartisan bill into law. pic.twitter.com/wNoSaWqcus
— President Biden (@POTUS) July 26, 2022
President Joe Biden has been a staunch supporter of the bill, virtually meeting with several CEOs earlier this week due to his COVID-19 diagnosis. Earlier this morning, the President tweeted, “Semiconductor chips are the building blocks of the modern economy – they power our smartphones and cars. And for years, manufacturing was sent overseas. For the sake of American jobs and our economy, we must make these at home. The CHIPS for America Act will get that done.”
