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Watch Live: Biden Signs Semiconductor Bill

Washington — President Biden on Tuesday on a bill to subsidize billions of dollars in domestic production We aim to develop signature semiconductor chips and make the United States more competitive with China.

A bill called the Chips and Sciences Actpassed bicameral support last month after months of negotiations through both Houses of Parliament. did. The bill is a top priority for the Biden administration, and top officials warned lawmakers that taking no action would have aimpact on national security and the economy. 

In addition to Mr. Biden's remarks, private sector representatives and elected state and local officials are expected to attend an event demonstrating the enactment of the bill. Some of the people who will be attending will be Intel, HP, Lockheed Martin's chief, Governor of Illinois and Pennsylvania, Ohio, Michigan, Texas, Idaho, and Utah, according to White House officials. There is a mayor.

Prior to signing the bill, the White House advertised that it said it was about $ 50 billion in additional investment in domestic semiconductor production prompted by Congressional approval of the law.

"The CHIPs and Science Act is making wise investments for Americans to compete and win the future," the White House said in a legal fact sheet.

The bill will subsidize US semiconductors for more than $ 52 billion and provide new chip manufacturing facilities with a tax credit of approximately $ 24 billion. It also includes billions of dollars to establish a hub for regional innovation and technology to promote investment in research and development, create jobs and drive regional economic development.

The White House has touted the bill as a victory for the US economy to reduce the cost of cars, smartphones, appliances and appliances that all require chips.