The American President signed the Chips and Science Act to invest billions of dollars in the production of semiconductors and scientific research.
- US President Joe Biden signs the Chips and Science Act to invite investments in the semiconductor and technology industry.
- This bill was passed on 2 August 2022 to increase competition with China in the technology manufacturing department.
- However, many House Republicans resigned from signing on the bill after Senate Democrats revealed plans to sign an irrelevant partisan reconciliation bill.
US President Joe Biden revealed on Tuesday, 2 August 2022, that he has signed the Chips and Science Bill to get more investments in the production of semiconductor chips and other devices. He has revealed that this bill is being passed in order to increase manufacturing competitiveness with China.
Biden has stated to Congress that passing this bill will boost the economy of the USA by a significant margin. He has revealed plans to invite investments worth $52 billion for the domestic production of semiconductors. These investments will also go toward scientific research so as to become world leaders in the production of technology.
This has been planned because he wants the USA to overtake China in the production of semiconductors – the production of which China is the current world leader.
This bill was actually passed last week by the House and the Senate. It had full support from Democrat representatives. One-third of Republican senators also signed on the bill, along with two dozen Republicans from the House.
However, the latter House Republicans soon withdrew their vote for the bill after the Senate decided to pass an unrelated partisan reconciliation Bill.