Biden pushes for Chips Act

Author: EIS Release Date: Aug 1, 2022

Yesterday US President Joe Biden had a virtual meeting on the Chips Act with the CEOs of Lockheed Martin, Cummins and Medtronic and Commerce Secretary Gina Raimondo.

 

“Congress must pass this bill as soon as possible,” said Biden “there is an economic imperative. This bill is going to supercharge efforts to make semiconductors.”

 

The bill puts up $52 billion in subsidies for U.S. semiconductor production, and a four-year 25% tax credit for  companies building fabs in the US.

 

Lockheed Martin CEO James Taiclet said a supply of chips “is essential both to national security and to the health of the defense industrial base and the aerospace industry as a whole.” 

 

A bill to provide $250 billion for R&D was passed by the Senate in June but has not yet become  law.