According to the White House, President Joe Biden has signed an executive order implementing the $52.7 billion semiconductor chip production subsidies and research law.
The law attempts to ease a recurring shortfall that has affected everything from cars and weaponry to washing machines and video games by subsidizing U.S. chip manufacturing and increasing research funding.
A $24 billion investment tax credit is also part of the “Chips and Science” law for chip factories.
The legislation to strengthen efforts to make the United States more competitive with China’s scientific and technological activities was signed by Biden earlier this month.
The Commerce Department, according to the White House, has launched CHIPS.gov.
The department will give out funding to support the production of chips.
Gina Raimondo, secretary of commerce, stated that the agency has been gearing up for the program for months.
We are dedicated to a fair and transparent process, Raimondo remarked. We will invest these monies as quickly as we can while still allowing enough time for due diligence.
The order issued by Biden establishes a 16-member interagency CHIPS implementation council, which will be co-chaired by National Economic Director Brian Deese, National Security Advisor Jake Sullivan, and Acting Office of Science and Technology Policy Director Alondra Nelson. The order establishes six primary priorities to direct implementation. The secretaries of defense, state, commerce, treasury, labor, and energy will all be represented on the council.
To ensure that taxpayer monies are safeguarded and prudently used, the White House stated that the chips program “would entail thorough vetting of applicants along with strict compliance and accountability measures.”
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