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Senate passes bill to subsidize U.S.-made semiconductor chips

2022-07-27 18:24 by

 

After more than a year of wrangling, the Senate on Wednesday passed the CHIPS Act, a bill that would provide $52.7 billion over 5 years to try to help companies like Intel and GlobalFoundries compete with Asian processor manufacturers.

The legislation is aimed at addressing a semiconductor chip shortage and making the US less reliant on other countries such as China for manufacturing. Supporters say the measure is important not only for US technological innovation, but for national security as well.

"This legislation is going to create good paying jobs, it will alleviate supply chains, it will help lower costs, and it will protect America's national security interests," the Senate's Democratic majority leader, Chuck Schumer, said urging support for the bill.

Most of the funding approved on Wednesday was expected to fund new factories, but these will take two or three years to complete once construction begins. Boeing Co said Wednesday it still faces supply chain issues from chips shortages. General Motors Co said Tuesday it had more than 90,000 unfinished vehicles, mostly high-margin trucks and SUVs, waiting for chips and other parts. Thousands are parked in southeast Michigan.

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