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U.S. Senate Passes Bill to Boost Chip Manufacturing

This will allow the country to better compete with China

On Wednesday, the U.S. Senate passed sweeping legislation to subsidize the domestic semiconductor industry, hoping to boost companies as they compete with China and alleviate a persistent shortage that has affected everything from cars, weapons, washing machines and video games.

The Senate passed the long-awaited bill on a 64-33 bipartisan vote. The House of Representatives is expected to approve it as soon as later this week, which would send it to the White House for President Joe Biden to sign into law.

The long-awaited "Chips and Science" act provides about $52 billion in government subsidies for U.S. semiconductor production as well as an investment tax credit for chip plants estimated to be worth $24 billion.

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