On August 9, 2022, Joe Biden signed the CHIPS and Science Act.
Vice President Joe Biden put his signature on the executive order two weeks after he had already signed the CHIPS and Science bill.
The critical semiconductor industry is seeing a tendency toward consolidation, and the government is working to fight this trend.
This step demonstrates the administration’s sense of urgency and its comprehension of the challenge that lies ahead.
According to Brian Deese, Director of the National Economic Council, the order “delivers on the President’s ambition for a 21st century American industrial policy.”
The CHIPS Act would promote national and economic security, reduce family debt, and protect American industries’ supply chains.
Reduced government spending has had a negative impact on the United States’ industrial base, R&D capabilities, and scientific prowess.
The legislation was a collaborative effort by Democrats and Republicans to funnel billions of dollars into these fields.
Throughout the whole process of passing legislation, addressing the growing economic and military threat posed by China was a top focus.