The CHIPS and Science Act, a piece of bipartisan legislation that will inject nearly $50 billion into the US semiconductor industry, was signed into law by President Joe Biden, marking the beginning of a weeklong celebration that is scheduled to take place within the hallways of the West Wing.
After finishing a week of isolation due to a resurgence of his Covid illness, Mr Biden made his first appearance in front of a big audience at the celebration that took place on the South Lawn of the White House.
He was joined by many of the House and Senate members who shepherded the legislation, which was meant to boost the United States’ competitiveness vis-à-vis China by onshoring the manufacture of semiconductors that go into cars, computers, and mobile phones, and other kinds of devices, through Congress. He was joined by many of the House and Senate members who shepherded the legislation through Congress.
Mr Biden described the Act as a “once in a generation investment in America itself” and stated that the monies that it disburses would help drive inflation down by cutting costs for manufactured products that rely on semiconductors.
“People need to build these chips here in the United States to bring down the expenses of ordinary life and create jobs,” he said. Mr Biden went on to say that the investment in chip manufacturing will be viewed as a statement that “America is back” by industry leaders.
In addition, he mentioned that the Chinese government had actively lobbied against the bill and stated that bringing chip fabrication back to the United States would be beneficial to the nation’s defence because it would shorten the supply chain for key parts that are used in weapons systems such as the Javelin anti-tank missiles.
“The United States of America needs to take the lead in the world in the development of these cutting-edge semiconductors. “That is exactly what will happen thanks to this law,” he stated.
During this joyful week, Mr Biden will take part in several ceremonies, the first of which is the signing of the CHIPS and Science Act.
On Tuesday, Mr Biden will sign the paperwork that gives American approval to Finland and Sweden’s application to become the 31st and 32nd members of NATO. On Wednesday, Mr Biden will sign the Honouring Our PACT Act, which authorizes even more funds to treat US military veterans who were exposed to toxic substances during their service.
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The Inflation Reduction Act, which will authorize the largest-ever US investment in stopping the climate crisis and fulfil a major promise from his 2020 campaign by reducing US greenhouse emissions by 40 per cent, is expected to be ready for the president to sign very soon. The president is also expected to be able to sign the Tax Cuts and Jobs Act very soon.
He stated, “I’m convinced that decades from now, people will look back at this week with everything that we passed and all that we advanced on, and it will remind them that we met the moment at this inflexion point in history.”
This was “a moment when we bet on ourselves, trusted in ourselves, and reclaimed the tale, the spirit, and the soul of this nation.”
