Minnesota official touts CHIPS Act signing
WASHINGTON (Gray DC) - President Biden signed a bipartisan bill Tuesday to encourage semiconductor companies to build chip plants here in this country. The Biden administration said this will help the U.S. compete with China moving forward.
Biden said the CHIPS and Science Act will lower costs, create jobs, strengthen supply chains. Now that it is law, American companies can apply for $280 billion in federal grants and tax breaks to boost its semiconductor chip manufacturing through 2026.
“Today, I’m signing into law the CHIPS and Science Act, a once in a generation investment in America itself,” said Biden.
The CHIPS Act also forces Congress to allocate more money for research programs, run by the Department of Commerce, so the country can stay technologically competitive with China for decades.
“Right now, we don’t make any of the sophisticated chips that we need for military equipment in America. We buy it all from Taiwan, one company in Taiwan. This will allow us to not only be secure but leap ahead,” said Commerce Secretary Gina Raimondo.
Minnesota House Speaker Melissa Hortman attended Tuesday’s signing ceremony She said this bill is exactly what Minnesota and the rest of the country needs.
“It’s exciting to see a future of investing in American-made technology. And like the president said today, it’s important that they’re good union jobs and that everybody in our economy has a chance to benefit from them,” said Hortman.
Meanwhile, there are some Republicans who claim the CHIPS Act will raise taxes and make inflation worse while others supported the bill.
The White House said the new legislation is already working, citing several companies who have announced nearly $50 billion in additional semiconductor manufacturing investments.
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