Texas officials tout CHIPS Act signing
WASHINGTON (Gray DC) - President Biden signed a bipartisan bill Tuesday to encourage semiconductor companies to build chip plants here in this country. The Biden administrations said this will help the U.S. compete with China moving forward.
Biden said, as he was signing the CHIPS and Science Act, the law will also lower costs, create jobs and strengthen supply chains. American companies can now apply for $280 billion in federal grants and tax breaks to boost its semiconductor chip manufacturing through 2026.
“Today, I’m signing into law the CHIPS and Science Act, a once in a generation investment in America itself,” said Biden.
The CHIPS Act also forces Congress to allocate more money for research programs, run by the Department of Commerce, so the country can stay technologically competitive with China for decades.
“Right now, we don’t make any of the sophisticated chips that we need for military equipment in America. We buy it all from Taiwan, one company in Taiwan. This will allow us to not only be secure but leap ahead,” said Commerce Secretary Gina Raimondo.
Texas State Senator Carol Alvarado and Amarillo Mayor Ginger Nelson attended Tuesday’s signing ceremony. They said this bill is exactly what Texas and the rest of the country needs.
“Amarillo is part of growing our innovative opportunities and making economic return on new jobs, research opportunities,” said Nelson.
“We are on a pretty good path of recruiting businesses to our state but this bill from the Biden administration (is) putting things in perspective of what is important to our country. This is going to give Texas businesses a boost,” said Alvarado.
Meanwhile, there are some Republicans who claim the CHIPS Act will raise taxes and make inflation worse while others supported the bill.
The White House said the new legislation is already working, citing several companies who have announced nearly $50 billion in additional semiconductor manufacturing investments.
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