The U.S. House of Representatives passed the CHIPS and Science Act on July 28, allocating funding for a measure that’s now nearly two years old. The new legislation, which now heads to President Joe Biden’s desk for signing, will allocate $280 billion in subsidies, tax breaks, and research grants to prop up the domestic semiconductor industry.
“Today, the House passed a bill that will make cars cheaper, appliances cheaper, and computers cheaper,” Biden said in a statement. “It will lower the costs of everyday goods. And, it will create high-paying manufacturing jobs across the country and strengthen U.S. leadership in the industries of the future at the same time.
