WASHINGTON – President Biden delivered remarks on the CHIPS and Science Act Friday afternoon.
President Biden signed an Executive Order on Aug. 25. to implement the semiconductor funding in the bipartisan CHIPS and Science Act of 2022.
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This legislation is expected to lower the costs of goods, create high-paying manufacturing jobs around the country and ensure that critical technologies can be made at home.
This law builds on more than a year of work from the Biden-Harris Administration to respond to acute semiconductor shortages and build more resilient semiconductor supply chains.
According to a Fact Sheet released by the White House, “the historic funding and incentives in the CHIPS Act will help rebuild our supply chains, manufacturing, and infrastructure here at home, along with crucial invests from the Bipartisan Infrastructure Law and Inflation Reduction Act.”
“This Executive Order reflects the Biden-Harris Administration’s commitment to quickly increase the production of semiconductors, strengthen research and design leadership, and grow a diverse semiconductor workforce to give the U.S. a competitive edge on the world stage,” the fact sheet said.
The Department of Commerce launched CHIPS.gov, a central resource for stakeholders and interested parties on the $50 billion in manufacturing and research and development funds available.