Watch Live: Biden signs bill subsidizing U.S. semiconductor industry into law
CBSN
Washington — President Biden on Tuesday will sign into law a measure that will provide billions of dollars in subsidies for domestic production of semiconductor chips and aims to make the United States more competitive with China.
Called the Chips and Science Act, the bill passed both chambers of Congress last month with bipartisan support following months of negotiations. The legislation was a top priority for the Biden administration, with top officials warning lawmakers ahead of its passage that failure to act would have implications for national security and the economy.
In addition to remarks delivered by Mr. Biden, representatives from the private sector, as well as state and local elected officials are expected to attend the event marking enactment of the measure. Among those set to attend are the heads of Intel, HP and Lockheed Martin, the governors of Illinois and Pennsylvania, and mayors from Ohio, Michigan, Texas, Idaho and Utah, according to a White House official.
