ICYMI: BIDEN SIGNS CHIPS AND SCIENCE ACT, BOOSTING U.S. MANUFACTURING
CHIPS Act Will Make Key Investments in Semiconductor Manufacturing in the U.S.
WASHINGTON, D.C. — President Biden signed the CHIPS and Science Act today, a significant investment that will boost semiconductor manufacturing in the U.S. and lower America’s reliance on foreign supply chains. The bill adds to an impressive string of landmark policies that invest in America’s middle class and families, including the American Rescue Plan, the Bipartisan Infrastructure Law, and – soon – the Inflation Reduction Act.
These investments have undoubtedly paid off. The “Biden Jobs Boom” continued unabated last week when the Department of Labor announced that employers added 528,000 jobs in July and unemployment has reached a 50-year low.
President Joe Biden is preparing to sign a $280 billion bipartisan bill to boost domestic high-tech manufacturing, part of his administration’s push to boost U.S. competitiveness over China.
The Rose Garden ceremony on Tuesday will include lawmakers, union officials, local politicians and business leaders, the White House said, as the president looks to highlight a new law that will incentivize investments in the American semiconductor industry in an effort to ease U.S. reliance on overseas supply chains for critical, cutting-edge goods.
- “We are going to invest it in America,” Biden said Friday. “We’re going to make it in America. We’re going to win the economic competition of the 21st century in America.”
About Invest in America
Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.
The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.