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Biden Signs Chips Bill, Unleashing Funding for US Production

  • Legislation is one in a series of wins for Biden, Democrats
  • Companies to face restrictions on expanding in China
An employee performs preventative maintenance inside the GlobalFoundries semiconductor manufacturing facility in Malta, New York, US.

An employee performs preventative maintenance inside the GlobalFoundries semiconductor manufacturing facility in Malta, New York, US.

Photographer: Adam Glanzman/Bloomberg
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President Joe Biden signed into law a broad competition bill Tuesday that includes about $52 billion to boost domestic semiconductor research and development, calling it a “once-in-a-generation investment in America itself.”

“We need to make these chips here in America to bring down everyday costs and create jobs,” said Biden at a signing ceremony for the CHIPS and Science Act on the White House South Lawn, joined by executives from US semiconductor firms and congressional leaders.