Bloomberg News reports that the US House of Representatives has passed a bill comprising a grant as well as incentives of $52 billion. This aid is for the manufacturing of domestic semiconductors, thereby passing on the bill to President Joe Biden so that he can sign and making it easier for his administration to win a year more than when the legislation was introduced first in Congress.
As stated by Nancy Pelosi, the House speaker, the legislation is a huge triumph for American households and the American economy as well. If it gets enacted, the Chips and Science Act will help in fostering the nation’s production of semiconductor chips, thereby boosting the manufacturing sector in the country and creating employment for as many as 100,000 workers with good pay.
The chips measure, according to Bloomberg News, the consequence of negotiations between the House-Senate, has encouraged to invigorate the American manufacturing sector and, most importantly, helped in fortifying the national security interests of the country against supply chain disruptions in the future and overseas, which is the site where most of the advanced semiconductors are manufactured. Aside from the semiconductor funding, the bill will include aid for workforce training and research and also 5G wireless technology.
The bill comprises legislation from Michael McCaul, who is a Texan Republican, and a Californian Democrat, Doris Matsui, for providing grants and incentives for building fabrication facilities for semiconductor firms.
