Pennsylvania’s Gov. Wolf attends CHIPS and Science Act signing
WASHINGTON (Gray DC) - Billions of dollars will now flow to the semiconductor industry. President Joe Biden signed bipartisan legislation Tuesday morning meant to boost American production of microchips that have become critical to many daily consumer products. The White House said the new law will help ease reliance on foreign supply chains, especially on chip manufacturing hubs in Taiwan and China.
The bipartisan CHIPS and Science Act of 2022 is meant to boost manufacturing and help alleviate supply chain disruptions in the semiconductor industry.
President Joe Biden also said this is going to help spur economic development across local communities.
President Biden said, “We’re going to tap into our greatest competitive advantage, our diverse and talented workforce. Urban, rural, suburban, and tribal.”
President Biden signed the $280 billion bipartisan bill at the White House Rose Garden. More than $50 billion will incentivize manufacturing and research and development in the semiconductor industry.
The new law directs another $10 billion to encourage partnerships between local governments, higher education institutions, and businesses.
Gov. Tom Wolf (D-Pa.) said, “I can’t think of anybody who loses from that.”
Wolf attended the bill signing at the White House on Tuesday.
Wolf said, “This is money that’s going to help the chip industry. It’s going to have all kinds of add-on effects in terms of helping universities that are training people to take the jobs in the chip manufacturers. Universities that are actually training people to do research in this.”
Congressman Kevin Brady (R-Texas) criticized the legislation, calling it a green light for higher taxes, corporate welfare, and said it will make inflation worse in the future.
Some Republicans, however, did join Democrats in helping pass the bill through both chambers.
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