The Biden-Harris administration has implemented policies that have revitalized domestic manufacturing, created American jobs, and strengthened American supply chains, as well as an industrial strategy to accelerate future industries such as nanotechnology, clean energy, quantum computing, and artificial intelligence. Since 2021, 642,000 new manufacturing jobs have been generated, while new manufacturing facility building has surged by 116%. President Biden signed the bipartisan CHIPS and Science Act of 2022 into law, which aims to enhance American manufacturing, supply chains, and national security while also investing in R&D, science and technology, and the workforce of the future.
The law will spur hundreds of billions more in private sector semiconductor investment across the country, including crucial defense and key industries production. This measure will also ensure that the United States retains and increases its scientific and technological edge, ensuring that the future is built in ALL of America, and opening up possibilities in science and technology to people who have previously been excluded. The CHIPS and Science Act allocates $52.7 billion to American semiconductor R&D, manufacturing, and workforce development.
Here are some of the key points:
The CHIPS Act is a proposed bill in the US Congress aimed at increasing funding for semiconductor manufacturing.
The bill would provide $52 billion in funding for semiconductor manufacturing and research over the next five years.
The goal of the CHIPS Act is to reduce reliance on foreign semiconductor suppliers and improve US competitiveness in the tech industry.
The bill has broad bipartisan support in Congress, with backing from both Democrats and Republicans.
The CHIPS Act is seen as a response to a global semiconductor shortage that has affected a range of industries, from automakers to consumer electronics companies.
How does this fit into the Hierarchy of Agency?
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Want to do more research? Check our source: https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/09/fact-sheet-chips-and-science-act-will-lower-costs-create-jobs-strengthen-supply-chains-and-counter-china/