"This legislation will lower the costs of goods, create high paying manufacturing jobs around the country and ensure we make more critical technologies at home," Biden said in the release.
The $280 billion industrial policy bill, which Biden signed into law two weeks ago, includes more than $52 billion in subsidies for US semiconductor manufacturers in an effort to counter China's technological prowess.
The executive order established a 16-member Steering Council co-chaired by National Economic Council Director Brian Deese, National Security Adviser Jake Sullivan and Office of Science and Technology Policy Acting Director Alondra Nelson.
Other members were drawn from Biden’s national security and economic teams, including Secretary of State Antony Blinken, Treasury Secretary Janet Yellen; Defense Secretary Lloyd Austin; Commerce Secretary Gina Raimondo; Labor Secretary Marty Walsh; Energy Secretary Jennifer Granholm; Office of Management and Budget Director Shalanda Young; National Intelligence Director Avril Haines and others.
The executive order also launched the Chips.gov website to communicate with the public and set out six priorities for the implementation process, including meeting economic and national security needs; ensuring long-term leadership in the sector; strengthening and expanding regional manufacturing and innovation clusters.
The legislation was passed in late July amid a global semiconductor shortage linked to the disruption of supply chains. The shortage has affected several economic sectors particularly hard, including the automotive, electronics and energy industries.