Biden signs $280 billion chip funding bill

President Biden on the South Lawn of the White House on Aug. 9. Photo: Mandel Ngan/AFP via Getty Images

President Biden on Tuesday signed a $280 billion package that aims to boost the domestic chip-making industry and scientific research.

What they're saying: "Fundamental change is taking place today — politically, economically and technologically," Biden said before signing the Chips and Science Act. "Change that can either strengthen our sense of control and security, of dignity and pride in our lives and our nation, or change that weakens us."

• "This is the moment we face," he added. "Today is the day for builders. Today America is delivering."
• "Today, I am signing the law, the Chips and Science Act, a once-in-a-generation investment in America itself, a law the American people can be proud of."

Why it matters: The funding is meant to bolster the domestic production of semiconductors — a vital component for almost every electronic device we use today — to help prevent future supply chain crises and increase competition with China.

• The bill, which passed Congress in late July with bipartisan support, gives $52.7 billion in funding for U.S. semiconductor production and another $200 billion for scientific research, including a technology directorate at the National Science Foundation meant to translate basic research into commercial products.

Go deeper: Chip billions won't be a quick fix

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