Bill to boost U.S. chip production passes in Senate, moving to House
We're one step closer to addressing the shortage of semiconductor chips, with the bill aimed to help boost domestic production.
With an ongoing shortage of semiconductor chips causing a myriad of issues across a variety of industries, U.S. legislators have been looking to increase domestic chip production as many of these chips are currently being manufactured in China.
Now, it seems like things are moving steadily forward with these efforts as the Senate recently passed a bipartisan bill called CHIPS-plus (Chips and Science Act) in a 64-33 vote. With this, the bill is moving to the House.
Should it pass the House, it’ll end up on President Joe Biden’s desk ready to be signed. Included in the bill is $52 billion in funding for U.S. companies in effort to boost the production of semiconductor chips, along with tax credits to further encourage investment in chip manufacturing, and funding for the innovation and development of other U.S. technologies, as reported by outlets like CNBC.
In remarks from Majority Leader Schumer, he notes that passing this bill would be “a turning point for American leadership in this century.” Schumer’s statements also touch on how the bill includes measures that the Senate already passed last summer.
It’ll be interesting to see how the bill is received when it reaches the House, and should it pass the House, how quickly it’ll get signed by President Biden. Currently, the U.S. relies heavily on semiconductors manufactured overseas, so being able to increase production domestically certainly sounds like it’d be helpful in addressing the chip shortage.
Of course, we’re curious to hear your thoughts on the matter. Let us know in Chatty, and for more on the status of semiconductor manufacturing, be sure check out some of our previous coverage including how Taiwan Semiconductor (TSM)’s Q2 2022 earnings beat EPS estimates.
Morgan Shaver posted a new article, Bill to boost U.S. chip production passes in Senate, moving to House