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- The CHIPS and Science Act is a U.S. federal statute enacted by the 117th United States Congress and signed into law by President Joe Biden on August 9, 20221234. The act authorizes roughly $280 billion in new funding to boost domestic research and manufacturing of semiconductors in the United States, for which it appropriates $52.7 billion13. The law aims to catalyze investments in domestic semiconductor manufacturing capacity2. It is intended to address a nearly two-year global chip shortage that stemmed from supply chain issues related to the COVID-19 pandemic4.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The CHIPS and Science Act is a U.S. federal statute enacted by the 117th United States Congress and signed into law by President Joe Biden on August 9, 2022. The act authorizes roughly $280 billion in new funding to boost domestic research and manufacturing of semiconductors in the United States, for which it appropriates $52.7 billion.en.wikipedia.org/wiki/CHIPS_and_Science_ActThe Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022 (CHIPS Act), signed into law on August 9, 2022, is designed to boost US competitiveness, innovation, and national security. The law aims to catalyze investments in domestic semiconductor manufacturing capacity.www.mckinsey.com/industries/public-sector/our-ins…Biden signed it into law in August 2022. Lawmakers wanted to pass the bill amid a global semiconductor shortage and to help the U.S. compete with China. Analysts at the consulting company McKinsey said the CHIPS Act is a $280 billion spending package over 10 years that includes research money as well as $53 billion for manufacturing.www.politifact.com/factchecks/2024/feb/29/joe-bide…The Commerce Department is tasked with implementing the CHIPS and Science Act -- which spends nearly $53 billion to spur research in and development of America's semiconductor industry. It is intended to address a nearly two-year global chip shortage that stemmed from supply chain issues related to the COVID-19 pandemic.www.commerce.gov/news/press-releases/2024/02/…
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