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Senate Passes Bill Aimed at Boosting US Semiconductor Production

The U.S. Senate voted 64-33 today to pass a bill, known as the CHIPS act, aimed at boosting domestic semiconductor production. The bill now goes to the House for approval before it can be signed by President Joe Biden.

"These investments will go a long way in reversing the decline in federal [research and development] that has dropped threefold since 1978," Sen. Maria Cantwell (D-Wash.), chair of the Senate Commerce, Science and Transportation Committee, told The Washington Post. "And the more dispersed the innovation is, you never know where the next Bill Gates or Bill Boeing is going to be from and what innovation they might come up with."

The bill includes roughly $54 billion in grants for semiconductor manufacturing and research, tens of billions for regional technology hubs and a 25% tax credit covering investments in semiconductor manufacturing through 2026, according to NPR.

"Chips alone are not going to be sufficient to preserve U.S. technology leadership, which is why we need the rest of the innovation bill so that we invest not just in the core technology powering innovation today, but also the technologies that will power innovation tomorrow," National Security Adviser Jake Sullivan said during a virtual White House roundtable. 

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Monday, 15 August 2022