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NEWS

Senate passes bill to boost U.S. chip production and China competition, sending to House

(CNBC July 27th)The Senate passed bipartisan legislation aimed to help the U.S. compete with China by injecting tens of billions of dollars into the domestic production of semiconductors.

The bill will now head to the House, where lawmakers hope to pass it and send it to the White House for President Joe Biden’s signature before Congress leaves town.

The package includes more than $52 billion for U.S. companies producing computer chips, as well as a tax credit for investment in chip manufacturing. It also provides funding to spur the innovation and development of other U.S. technologies