President Biden Signs Into Law Yet Another Bipartisan Win for America
FOR IMMEDIATE RELEASE: August 9, 2022
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PRESIDENT BIDEN SIGNS INTO LAW YET ANOTHER BIPARTISAN WIN FOR AMERICA
Bipartisan CHIPS and Science Act will boost manufacturing, create jobs, and lower costs, bolstering America’s competitiveness with China
WASHINGTON, D.C. — Today, President Biden signed historic legislation to boost American semiconductor manufacturing, create good-paying union jobs, lower costs for consumers, and fuel economic growth for the future. The bipartisan CHIPS and Science Act provides incentives for companies to manufacture semiconductors – which power everything from computers to cars to refrigerators – here in the United States, and to hire American workers.
“This legislation, a key element of President Biden’s cost-cutting agenda, is a win for working families and further proof that President Biden can consistently deliver bipartisan wins for the American people,” said Building Back Together Executive Director Danielle Melfi. “The CHIPS and Science Act delivers important investments in American manufacturing and American workers that will strengthen our supply chains and create good-paying union jobs – all while bringing down the price of essential goods for American families. President Biden believes America’s best days are ahead, and he’s fighting to ensure our economy remains strong and continues to deliver for working families in the years to come.”
The CHIPS and Science Act delivers $54 billion to boost American semiconductor manufacturing:
- Semiconductors are small computer chips that power virtually everything in our lives — your phone, your car, your refrigerator, your washing machine, hospital equipment, the internet, the electric grid, and so much more.
- With these investments, we can ease supply chain disruptions that have slowed production and led to increased prices for consumers and American manufacturers to consider relocating overseas.
- These investments will help fight inflation and create more good-paying union jobs right here in America that can’t be shipped overseas.
This legislation includes guardrails that ensure these investments strengthen the U.S. and increase our competitiveness with China:
- This legislation prevents companies from using this funding for stock buybacks and from expanding certain types of semiconductor manufacturing in China.
- And by boosting American semiconductor manufacturing, we can deliver the incentives and resources needed to compete with China and produce semiconductors right here in America.
- While the U.S. is the leader in chip design and research, 75% of production takes place in East Asia – and China is doing everything it can to take over the global market in semiconductor chips.
Since his first day in office, President Biden has used every tool at his disposal to boost American manufacturing:
- During President Biden’s first year in office, more manufacturing jobs were created on average per month than under any other president in the last 50 years.
- He’s going to continue to build on this progress to deliver results for American workers, including through signing this essential legislation to boost semiconductor manufacturing.
This legislation delivers for consumers, supports manufacturers, and will make our economy stronger and more resilient for years to come.
The CHIPS and Science Act, like the Bipartisan Infrastructure Law and the bipartisan Safer Communities Act, reflects President Biden’s commitment to delivering bipartisan wins for the American people.