CHIPS and Science Act allots $50 billion.
On Monday, President Biden’s administration unveiled its plan for boosting domestic chip production in the U.S. through the $50 billion in funding from the CHIPS and Science Act passed this summer.
The administration will use over half of the funding, around $28 billion, to establish domestic production of leading-edge logic and memory chips through grants, subsidized loans, or loan guarantees, the Department of Commerce announced.
An additional $10 billion will be used to increase the production of current-generation semiconductors and chips, and around $11 billion will be invested in research and development aimed at creating a “dynamic new network of innovation” for the semiconductor industry.
As the Lord Leads, Pray with Us…
- For Secretary Raimondo to seek God’s wisdom as she oversees funding through the semiconductor act.
- That U.S. commerce officials would be discerning in the utilization of the funds under the new legislation.
- For discernment for the president and his administration as they address domestic supply issues that became evident during the pandemic.
Sources: The Hill, Wall Street Journal
