Biden Signs Chips Bill, Unleashing Funding for US Production
- Legislation is one in a series of wins for Biden, Democrats
- Companies to face restrictions on expanding in China
An employee performs preventative maintenance inside the GlobalFoundries semiconductor manufacturing facility in Malta, New York, US.
Photographer: Adam Glanzman/BloombergThis article is for subscribers only.
President Joe Biden signed into law a broad competition bill Tuesday that includes about $52 billion to boost domestic semiconductor research and development, calling it a “once-in-a-generation investment in America itself.”
“We need to make these chips here in America to bring down everyday costs and create jobs,” said Biden at a signing ceremony for the CHIPS and Science Act on the White House South Lawn, joined by executives from US semiconductor firms and congressional leaders.