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Biden signs bill to boost U.S. chips, compete with China

Christian Fernsby |
President Joe Biden will sign into law the bipartisan CHIPS and Science Act of 2022, which will build on this progress, making historic investments that will poise U.S. workers, communities, and businesses to win the race for the 21st century.

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It will strengthen American manufacturing, supply chains, and national security, and invest in research and development, science and technology, and the workforce of the future to keep the United States the leader in the industries of tomorrow, including nanotechnology, clean energy, quantum computing, and artificial intelligence.

The CHIPs and Science Act makes the smart investments so that American to compete in and win the future.

Spurred by the passage of the CHIPS and Science Act of 2022, this week, companies have announced nearly $50 billion in additional investments in American semiconductor manufacturing, bringing total business investment to nearly $150 billion since President Biden took office:

• Micron is announcing a $40 billion investment in memory chip manufacturing, critical for computers and electronic devices, which will create up to 40,000 new jobs in construction and manufacturing. This investment alone will bring the U.S. market share of memory chip production from less than 2 percent to up to 10 percent over the next decade.

• Qualcomm and GlobalFoundries are announcing a new partnership that includes $4.2 billion to manufacture chips in an expansion of GlobalFoundries’ upstate New York facility. Qualcomm, the leading fabless semiconductor company in the world, announced plans to increase semiconductor production in the U.S. by up to 50 percent over the next five years.

America invented the semiconductor, but today produces about 10 percent of the world’s supply—and none of the most advanced chips. Instead, we rely on East Asia for 75 percent of global production.

The CHIPS and Science Act will unlock hundreds of billions more in private sector semiconductor investment across the country, including production essential to national defense and critical sectors.

The law will also ensure the United States maintains and advances its scientific and technological edge. In the mid-1960s, at the peak of the race to the moon, the federal government invested 2 percent of GDP in research and development.

By 2020, that number had fallen to less than 1 percent. Economic growth and prosperity over the last 40 years has clustered in a few regions on the coasts, leaving far too many communities behind.

The CHIPS and Science Act will ensure the future is made in ALL of America, and unlock opportunities in science and technology for those who have been historically left out.

The CHIPS and Science Act will:

Bolster U.S. leadership in semiconductors. The CHIPS and Science Act provides $52.7 billion for American semiconductor research, development, manufacturing, and workforce development.

This includes $39 billion in manufacturing incentives, including $2 billion for the legacy chips used in automobiles and defense systems, $13.2 billion in R&D and workforce development,and $500 million to provide for international information communications technology security and semiconductor supply chain activities.

It also provides a 25 percent investment tax credit for capital expenses for manufacturing of semiconductors and related equipment.

These incentives will secure domestic supply, create tens of thousands of good-paying, union construction jobs and thousands more high-skilled manufacturing jobs, and catalyze hundreds of billions more in private investment.

These funds also come with strong guardrails, ensuring that recipients do not build certain facilities in China and other countries of concern, and preventing companies from using taxpayer funds for stock buybacks and shareholder dividends.

It will also support good-paying, union construction jobs by requiring Davis-Bacon prevailing wage rates for facilities built with CHIPS funding.


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