On Tuesday, President Joe Biden is slated to sign the CHIPS Act, a bill that aims to boost innovation and increase domestic production of semiconductor chips, which are a critical component of electronics, vehicles, and household appliances. The act will lob $52 billion in subsidies at chip producers, amounting to a massive transfer of taxpayer money in the name of reducing reliance on foreign suppliers.
"The bill will supercharge our efforts to make semiconductors here in America," said Biden of the CHIPS Act. "For the sake of our economy and jobs and costs and our national security, we have to make these semiconductors in America once again."
