Biden to sign bipartisan CHIPS and Science Act into law
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President Joe Biden is slated to sign the bipartisan CHIPS and Science Act of 2022 into law in the Rose Garden on Tuesday.
The legislation aims to improve competition with China by strengthening U.S. manufacturing, supply chains and national security, and invests in research and development, science and technology.
The CHIPS and Science Act allocates more than $52 billion for U.S. semiconductor research, development, manufacturing, and workforce development.
It also provides billions more in tax credits to incentivize chip manufacturing investments.
HOUSE PASSES CHINA COMPETITION BILL, SENDS IT TO PRESIDENT BIDEN'S DESK
President Joe Biden on Tuesday will sign the CHIPS and Science Act aimed at increasing competition with China. (AP / AP Newsroom) The bill further includes $10 billion for investments in regional innovation and technology hubs across the U.S. and expands investments in science, technology, engineering, and mathematics education and training. Biden will deliver remarks at the legislation's signing. Among those who will be in attendance for the president's signing are Illinois Gov. JB Pritzker, Pennsylvania Gov. Tom Wolf, HP CEO Enrique Lores, Intel CEO Pat Gelsinger and Lockheed Martin CEO Jim Taiclet. The Senate passed the bill Wednesday by a 64 to 33 vote, receiving support from 17 Republicans after party leadership previously indicated that Republicans would not back the measure if Democrats continued to work on a reconciliation deal. Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., reached an agreement on reconciliation hours after the Senate passed the CHIPS Act. SENATE PASSES CHINA, SEMICONDUCTOR BILL WITH HOUSE SET TO QUICKLY TAKE UP MEASURE The CHIPS and Science Act allocates more than $52 billion for U.S. semiconductor research, development, manufacturing, and workforce development. (Kent Nishimura / Los Angeles Times via Getty Images / Getty Images) After the reconciliation deal was reached, House Minority Whip Steve Scalise, R-La., told Republican House members that GOP leadership recommended voting against the bill. "This legislation comes to the House precisely as Senate Democrats have allegedly struck a deal on their partisan reconciliation bill, pairing up a tone-deaf agenda that on one hand gives billions away in corporate handouts, and on the other hand undoes historic tax cuts implemented by Republicans," Scalise's office said in a memo late Wednesday night. House Minority Whip Steve Scalise, R-La., had told Republican House members that GOP leadership recommended voting against the CHIPS Act after Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., reached an agreement on a recon (Eric Lee/Bloomberg via Getty Images / Getty Images) CLICK HERE TO READ MORE ON FOX BUSINESS But on Thursday, the House approved the CHIPS Act 243 to 187 with 24 Republicans joining the Democrats in supporting the legislation. "I look forward to signing this bill into law," Biden said in a statement following the vote. Source: Read Full Article
