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President Joe Biden is slated to sign the bipartisan CHIPS and Science Act of 2022 into law in the Rose Garden on Tuesday.
The legislation aims to improve competition with China by strengthening U.S. manufacturing, supply chains and national security, and invests in research and development, science and technology.
The CHIPS and Science Act allocates more than $52 billion for U.S. semiconductor research, development, manufacturing, and workforce development.
It also provides billions more in tax credits to incentivize chip manufacturing investments.
HOUSE PASSES CHINA COMPETITION BILL, SENDS IT TO PRESIDENT BIDEN'S DESK