On September 19, Commerce Secretary Gina Raimondo appeared before the House Committee on Science, Space, and Technology to discuss the CHIPS and Science Act, which had been law for just over a year. The CHIPS Act apportioned as much as $76 billion in tax credits and subsidies for semiconductor manufacturers to build fabrication plants (known as "fabs") in the U.S. rather than overseas.
Raimondo noted that her department controls $50 billion in CHIPS Act funding, including "$39 billion in semiconductor incentives and $11 billion in research and development." The $39 billion "will bring semiconductor manufacturing back to the United States," she said, "but a robust R&D ecosystem will keep it here."
