Senate Passes $52 Billion Bill to Boost US Processor Manufacturing

From CNET: After more than a year of wrangling, the Senate on Wednesday passed the CHIPS Act, a bill that would provide $52.7 billion over five years to try to help companies like Intel and GlobalFoundries compete with Asian processor manufacturers.

The bill is designed to help tech companies in the US cut the enormous expense of chip manufacturing to help ensure a supply of the electronic brains that are critical to cars, computers, weapons systems, dishwashers, toys and just about any other product today that uses electricity.

The Senate approved the bill, formally called the CHIPS and Science Act of 2022, by a 64-33 vote. The House of Representatives must approve its version of the bill before President Joe Biden, a strong advocate, can sign it. That could happen as soon as this week, The New York Times reported. House Speaker Nancy Pelosi, a California Democrat, said in a statement the House Rules Committee will meet "shortly" about the bill, then predicted, "The House will proudly pass this essential legislation and send it to President Biden to be signed into law."

Sen. Chuck Shumer, a Democrat from New York and major backer of the legislation, called the bill "one of the largest investments in science, tech, and manufacturing in decades." It'll create jobs with good pay, help unclog supply chains, improve US security and lower costs for consumers pained by inflation, he tweeted.

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