The U.S. House of Representatives passed the CHIPS and Science Act on July 28, allocating funding for a measure that’s now nearly two years old. The new legislation, which now heads to President Joe Biden’s desk for signing, will allocate $280 billion in subsidies, tax breaks, and research grants to prop up the domestic semiconductor industry.
“Today, the House passed a bill that will make cars cheaper, appliances cheaper, and computers cheaper,” Biden said in a statement. “It will lower the costs of everyday goods. And, it will create high-paying manufacturing jobs across the country and strengthen U.S. leadership in the industries of the future at the same time.
“The CHIPS and Science Act is exactly what we need to be doing to grow our economy right now. By making more semiconductors in the United States, this bill will increase domestic manufacturing and lower costs for families.”
Many proponents of the legislation were pleased to see its passage and believe that it will be a boon to U.S. manufacturing.
“Congress has recognized the importance of rising to the challenge of industrial planning, of supporting strategic industries, and making sure that we have high tech jobs here in America, but we can’t stop here,” Zach Mottl, chairman of Coalition for a Prosperous America, a nonprofit focusing on trade policy, told The Epoch Times.