House Passes Chips Bill, Sends to Biden for Signature

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House lawmakers passed the $280 billion bill intended to boost US competitiveness with China in technology, including $52 billion to invest in chip manufacturing, sending it on President Joe Biden’s desk for signature.

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The bill passed 243-187, with no Democrats voting against it. Two dozen Republicans backed it despite pressure from their caucus leaders to vote no..

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The Senate passed the bill on Wednesday by a 64-33 vote. The final approval capped years of wrangling among lawmakers. The bill makes tens of billions of dollars available to support scientific research and offers tax credits.

Secretary of Commerce Gina Raimondo said in a statement, “With its historic investment in American chipmaking, the CHIPS and Science Act helps fulfill the Biden administration’s goal of revitalizing our domestic manufacturing economy while securing access to an essential technology so America can continue to lead in the 21st Century.”

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This is a developing story. Return here for more information.

Write to Liz Moyer at [email protected]

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Credit: www.marketwatch.com /

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