Biden to Sign CHIPS and Science Bill Into Law on August 9
WASHINGTON (Sputnik) - President Joe Biden will sign into law the CHIPS and Science Act of 2022 on August 9, the White House said on Wednesday.
“This bill will lower the cost of everyday goods, strengthen American manufacturing and innovation, create good-paying jobs, and bolster our economic and national security,” the White House said in a release.
The $280 billion industrial policy bill includes more than $52 billion in subsidies for US semiconductor manufacturers in an effort to counter China's technological prowess.
Lawmakers passed the legislation in late July amid a global semiconductor shortage linked to the disruption of supply chains by the COVID-19 pandemic measures and sanctions, among other factors. The shortage has affected several economic sectors particularly hard, including the automotive, electronics and energy industries.