The U.S. is poised to pour more than $50 billion into domestic semiconductor production to increase its competitive edge with China.
The House on Thursday gave final approval to long-stalled legislation titled the CHIPS and Science Act which would spend a total of $280 billion on science and technology, including $52 billion to boost U.S. production of microprocessing chips vital to everything from smartphones to automobiles.
“This bold, bipartisan legislation contains key House proposals to lower costs, create good-paying jobs, reduce our dependence on foreign manufacturers and turbocharge American innovation,” said House Speaker Nancy Pelosi, California Democrat.