in

Biden signs $280 billion CHIPS Act in bid to boost US over China

Transport Topics reported that “President Joe Biden enacted into law legislation designed to enhance domestic semiconductor manufacturing and alleviate supply chain bottlenecks.” Biden expressed that this bill will be beneficial to our social and economic state as a nation. At the White House during the signing ceremony, Biden explained that during the pandemic, “when factories that make these chips shut down, the global economy came to a screeching halt.’”

The President highlighted that not only will this be in the interest for the national economy but as well as national security. They also reported, “Specifically, the CHIPS and Science Act dedicates more than $50 billion in grants for the semiconductor sector and related industries. The law also targets myriad programs to boost resources in science, technology, engineering, and mathematics.” Click here for the full story.