President Biden signs CHIPS Act to boost semiconductor production

Following successful votes in the Senate and House of Representatives, President Joe Biden has signed the CHIPS and Science Act into law. The $280 billion measure will provide significant financial assistance to American semiconductor firms. It sets aside $52 billion in tax credits and funding for US chipmakers to expand domestic production. In a rare episode of bipartisan unity, the Senate voted 64-33 in favor of the bill. It was later passed by the House thanks to a 243-187 vote.