They will coordinate funding, grants, and subsidies.
President Biden signed an executive order directing the implementation of the $280 billion CHIPS Act, designed to boost domestic manufacturing and research related to semiconductors. The order will release funding to companies such as Intel, which will now begin to build fabrication sites in the U.S.
“The Act … will make transformative investments to restore and advance our Nation’s leadership in the research, development, and manufacturing of semiconductors,” the White House stated. The funds are expected to reduce “dependence on critical technologies from China and other vulnerable or overly concentrated foreign supply chains.”
The first priority for the Steering Council listed in the president’s executive order is compliance and oversight. Meanwhile, “meeting economic, sustainability, and national security needs” is second.
The bill has been denounced by some as a corporate handout that would increase inflation and hurt U.S. taxpayers.
As the Lord Leads, Pray with Us…
- For wisdom for the president as he appoints and nominates officials to various positions in his administration.
- For members of the steering council to have discernment as they provide oversight and guidance for the implementation of the act.
Sources: Epoch Times, Bloomberg News
