“Today America is delivering, and I honestly believe that 50,75,100 years from now, people who will look back on this week, they’ll know that we met this moment.” Said President Biden in reference to the ACT getting signed into law Tuesday. The main purpose behind this ACT is to strengthen U.S. competitives with China by investing billions of dollars in domestic semiconductor manufacturing and science research.
The bill includes more than $52 billion for U.S. companies producing computer chips, as well as billions more in tax credits to encourage investment in semiconductor manufacturing. It also provides tens of billions of dollars to fund scientific research and development and to spur the innovation and development of other U.S. tech.
The law emerged after a chip shortage made it clear how much US industries and the US military rely on processors made overseas. Specifically in Taiwan and Samsung in South Korea took the lead. The chip shortage frustrated consumers eager to buy electronics during the COVID-19 pandemic and shuttered US auto plants as crucial electronic components stalled manufacturing. The ACT passed in rare bipartisan support passing the Senate in a 64-33 vote. Showing that some legislation goes beyond party lines.
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