February 17, 2023

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What is CHIPS and Science Act

The CHIPS and Science Act, signed into law by President Joe Biden on August 9, 2022, is a federal statute enacted by the 117th United States Congress. The act aims to strengthen domestic research and manufacturing of semiconductors by providing approximately $280 billion in funding, with more than $52 billion allocated to researching semiconductors and other scientific fields. The primary objective is to counter China's dominance in this area. The act is divided into three divisions with their own short titles: Division A is the CHIPS Act of 2022, Division B is the Research and Development, Competition, and Innovation Act, and Division C is the Supreme Court Security Funding Act of 2022. As a result of the expected passage of the act, chip suppliers have committed or made announcements of over $300 billion in investments and job creation.


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