The CHIPS and Science Act will make historic investments in American workers and manufacturing, solidifying the United States as the leader in the industries of tomorrow.
Folks, we’re here to celebrate one of the most significant investments in American history. Again, not hyperbole: one of the most significant investments in American history. And it’s going to ensure that the future is Made in America. It’s one of the bright spots around the country that should give us a sense of optimism and hope about who we are as a nation.”President Joseph Biden, Oct. 27, 2022
On Aug. 9, 2022, President Joe Biden signed the Creating Helpful Incentives to Produce Semiconductors for America Act (or CHIPS and Science Act) into law. The bill provides $280 billion in funding for the research and manufacturing of semiconductors in the United States with the goal of bringing manufacturing back to the U.S. from China. Currently, the U.S. only produces approximately 10 percent of the world’s supply. The bill will encourage the building of semiconductor facilities in the U.S. as well as provide tax incentives and subsidies for research and training new workers. The biggest beneficiaries will be chip companies that manufacture their own products. The CHIPS and Science Act will strengthen U.S. supply chains and national security while ensuring the U.S. remains a leader in future sciences including clean energy, quantum computing, artificial intelligence, and nanotechnology.
The CHIPS and Science Act will create millions of union and high-wage jobs throughout rural and middle America. Funding will encourage geographical diversity through education and training programs brought to historically Black and tribal colleges, as well as minority-serving organizations and disadvantaged communities. The CHIPS Act will lead to expanded endowments in STEM (science, technology, engineering, and mathematics) education from kindergarten to graduate levels, as well as provide new tools to combat sexual harassment and gender-based discrimination while encouraging participation in STEM education. Companies will not be able to build facilities in countries of concern or use taxpayer funds for stock buybacks.
This act represents a serious investment, directing approximately $67 billion to the Department of Energy toward the growth of zero-carbon industries and climate change research. The funds will support large-scale programs in climate science, carbon management, atmospheric research, bioenergy technologies, energy storage, fusion energy, and nuclear physics. Investments will be made in coastal and ocean acidification research. The act provides more flexibility for the government to partner with the private sector as well.
The CHIPS and Science Act extends beyond the boundaries of planet Earth. Included in the act is a NASA authorization — the first in five years — directing the establishment of a Moon to Mars Program that will focus on eventual human missions to Mars and authorize the Artemis lunar exploration efforts. The bill further backs the development of space nuclear power and propulsion systems, supports research into the impact of satellite constellations on astronomy, extends operations of the International Space Station, and supports access for resources in microgravity research and a robust aeronautics program.
The law seeks to encourage scientific advancement to ensure the U.S. maintains and increases its technological competitiveness with that of other countries. In doing so, it will bring America into the future in order to compete in research and technology with the rest of the world.
Check out the rest of the articles in our Biden-Harris series:
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Biden Continues the Job Growth Trends of Past Democratic Presidents
Big, Bold Climate Action in the Inflation Reduction Act
The Lifesaving Healthcare Provisions of the Inflation Reduction Act
The American Rescue Plan Is Even Better Than You Think
Republicans Have Brought Us to a Fascist Flashpoint
The PACT Act Proves Democrats Care About Our Veterans
Eighteen Months in … and I’m Still Ridin’ With Biden
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