8/10/22 - President Biden Signs CHIPS Act

President Joe Biden signed a multibillion-dollar bill to boost domestic computer chip manufacturing here in the United States.

WASHINGTON -- The $280 billion bipartisan bill, known as the CHIPS and Science Act, will boost domestic high-tech manufacturing.  It will help to produce semiconductors that power cellphones to cars to microwaves and more and is considered to be the "brain" for any machine with a computer system. 

President Biden said this will lead to easing the U.S. reliance on overseas supply chains for cutting-edge goods.

 “The future of the chip industry is going to be made in America,” Biden said, referring to the devices that power everything from smartphones to computers to automobiles. The legislation sets aside $52 billion specifically to bolster the U.S. computer chip sector.

“The CHIPS and Science Act is going to inspire a whole new generation of Americans to answer that question: What next?” Biden said Tuesday. 

The signing on Tuesday coincided with Global Foundries, Micron and Qualcomm announcing partnerships and investments that total nearly $45 billion. 

According to the Semiconductor Industry Association, the U.S. produces 12% of the world's chips, which is down 37% from 1990.