WASHINGTON — President Joe Biden signed a broad competition bill into law Tuesday that will direct $52.7 billion toward domestic semiconductor research and development as part of an effort to make the U.S. less dependent on China and other Asian nations.
Industry CEOs who attended the signing ceremony at the White House announced roughly $50 billion in new investments, lending additional significance to the first of several victories the administration plans to celebrate this week. Micron Technology Inc. is leading the charge with a $40 billion investment in memory chip manufacturing, a move the White House said would create 40,000 new jobs.
Biden, speaking before he signed the legislation into law on the South Lawn of the White House, called the bill "a once in a generation investment in America itself" that comes during a moment of global upheaval and amid a still unsettled battle between the world's democracies and autocracies.
