Joe Biden Signs $52 Billion Law Enforcement Order
- Tech News
- August 26, 2022
- No Comment
US President Joe Biden signs executive order to implement $52.7 billion in semiconductor wafer subsidies
Washington, America: President Joe Biden on Thursday signed an executive order to implement the $52.7 billion Semiconductor Chip Manufacturing Support Act, the White House said.
Earlier this month, Joe Biden signed the bill to step up efforts to make the United States more competitive in its technology efforts with China. By supporting the US chip industry and expanding research funding, the law aims to alleviate persistent shortages of everything from cars and guns to washing machines and video games.
The Chips and Science Act also includes an estimated $24 billion investment tax credit in chip factories.
The White House said the Commerce Department launched CHIPS.gov. The department will provide financial incentives for the production of chips.
Commerce Secretary Gina Raimondo said the department had been preparing the plan for several months.
“We are committed to a transparent and fair process,” Raimondo said. “We will act as quickly as possible to deploy this money while ensuring the time necessary to conduct due diligence.”
Joe Biden’s order sets out six key priorities to guide implementation and establishes a 16-member interagency CHIPS Implementation Committee composed of National Economic Director Brian Dees, National Security Adviser Jack Sullivan, and co-chaired by Alondra Nielsen, acting director of the Office of Science and Technology Policy.
The committee will include the Secretary of Defense, the Secretary of State, the Secretary of Commerce, the Secretary of the Treasury, the Secretary of Labor, and the Secretary of Energy.
It’s not clear when the Commerce Department will formally fund semiconductor chips for potential applications, or how long it will take for the award to be awarded.
The White House said the chip program “will include rigorous application vetting and rigorous compliance and accountability requirements to ensure taxpayer money is protected and used wisely.”
Progressives view the bill as a boon to lucrative chip companies that previously closed US factories, but Biden has previously argued that “this bill is not a blank check for companies.”
Read More News Updates Visit our Site InsightFello.