US Commerce Chief Hopes Chips Bill Spurs Up to $400 Billion in Investment
- Competition bill includes $52 billion for chips industry
- President Joe Biden on Tuesday signed law into effect
Gina Raimondo
Photographer: Ting Shen/BloombergThis article is for subscribers only.
A new US law that includes about $52 billion to boost domestic semiconductor production and research could unlock as much as $400 billion in investment, President Joe Biden’s commerce chief said.
“Our goal is to maximize it,” Commerce Secretary Gina Raimondo said on Wednesday in an interview on Bloomberg Television. “It is an amount that we hope is enough to unlock two, three, $400 billion on behalf of private industry.”