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President Joe Biden signed the CHIPS and Science Act on Aug. 9, allocating a $280 billion funding package toward boosting domestic semiconductor manufacturing and various research endeavors.
“Axar.az reports that the CHIPS and Science Act will boost American semiconductor research, development, and production, ensuring U.S. leadership in the technology that forms the foundation of everything from automobiles to household appliances to defense systems,” said a White House fact sheet on the law.
“The law will also ensure the United States maintains and advances its scientific and technological edge.”
The administration maintains that the mammoth spending package would improve jobs and national security by making the United States less dependent on foreign supply chains and building a more robust workforce.
2022.08.10 / 09:00