Washington DC, 1 August 2022 (TDI): The CHIPS and Science Act by the US makes a historic investment to increase the production of semiconductors made in the United States.
This Act further addresses the supply chain weaknesses to produce more goods and revive American scientific research and technological leadership. Hence, this will result in economic and national security all across the world.
CHIPS and Science Act: An Overview
The Act serves to be the center for American progress in the areas of science and technology all around the world. Furthermore, it has added a lot to the United States’ innovation and employment sectors by investing in bulk.
Moreover, it took an investment in the United States’ key industries, workers, and scientific research capabilities to create a resilient economy.
Additionally, this platform can withstand various shocks and crises. It has been a core strategic industrial policy that has been necessary for us to accomplish these objectives.
Responding to the need to rise above the storm, the Science, Space, and Technology Committee of the US led a bipartisan effort.
This had been done to improve the recommendations of academies while culminating in the passage of the America COMPETES Act, 2007.
The Act was passed by US Congress, which promised to boost the domestic semiconductor production capacity. Furthermore, advanced key technology research and development, and increased underrepresented groups have been announced as the objectives.
I got some good news yesterday.
Here’s the moment when I heard we had enough votes to pass the CHIPS and Science Act. pic.twitter.com/GqQ2jvDvrJ
— President Biden (@POTUS) July 29, 2022
Adding to that, these underrepresented geographic representations will take place in Science, Technology, Economics, and Mathematics (STEM) education and employment.
Additionally, investments totaling more than 52 billion USD had been made in domestic semiconductor production. Hence, the share of global manufacturing in this sector has decreased from about forty percent in 1990 to only twelve percent today.
The Science, Space, and Technology Committee Chairwoman Eddie Bernice Johnson said, “This legislation represents months of bipartisan and bicameral negotiations.”
He added, “The majority of this bill is made up of bipartisan provisions that started in the House Committee on Science, Space, and Technology”.
Johnson also believed that “They were built with rigorous input from the scientific community, industry, academia, and other stakeholders”.
