On the one-year CHIPS Anniversary and Science Act, President Joe Biden vowed to transform the US into the world’s top chip producer.
The law aims to increase local semiconductor manufacture in an effort to protect the US supply chain and generally lessen reliance on China. It is a key part of Biden’s economic and green energy agenda.
CHIPS Act Spurs Semiconductors and Opportunities
Companies have declared plans to invest over $166 billion to bring semiconductor production back to the United States in the year since I signed this legislation into law.
Jobs and opportunities are being created by these investments in communities all around the nation, from Ohio to Arizona, Texas, and New York. At least 50 community colleges have also launched new or expanded programs in the past year alone to assist American employees in finding well-paying jobs in the semiconductor sector.
My Bidenomics platform, which seeks to expand opportunity and investment across the nation, includes the CHIPS and Science Act as a crucial component.
My Administration will continue to put this historic law into effect over the coming months, ensuring that American union workers, small businesses, and families benefit from investments encouraged by the CHIPS and Science Act.
This will help to reestablish America as a global leader in semiconductor manufacturing and reduce our reliance on foreign nations for our electronics or clean energy supply chains.
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CHIPS Act Boosts American Manufacturing
Although it now only manufactures 10% of the world’s chips, the US produced about 40% of them in the 1990s.
The CHIPS and Science Act, the Inflation Reduction Act, and bipartisan infrastructure have all been mentioned by the president as being important tenets of Bidenomics, his term for his economic program.
Only 38.3% of voters support the president’s economic policies, but officials from the White House and the Biden campaign claim that when more of the president’s legislative program is carried out, those numbers will rise.
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