The Rose Garden ceremony on Tuesday will include lawmakers,
union officials, local politicians, and business leaders, the White House said,
as the president looks to highlight a new law that will incentivize investments
in the American semiconductor industry in an effort to ease US reliance on
overseas supply chains for critical, cutting-edge goods.
“We are going to invest it in America,” Biden said Friday.
“We're going to make it in America. We're going to win the economic competition
of the 21st century in America.”
The White House said Micron is announcing a $40 billion plan
to boost domestic manufacturing of memory chips, and Qualcomm and
GlobalFoundries are announcing a $4.2 billion expansion of an upstate New York
chip plant.
Last week, the White House said that US President Joe Biden
would sign a bill to subsidise the US semiconductor industry and boost efforts
to make the United States more competitive with China on August 9. The
legislation aims to alleviate a persistent shortage that has affected
everything from cars, weapons, washing machines and video games. Thousands of
cars and trucks remain parked in southeast Michigan awaiting chips as the
shortage continues to impact automakers.
Some progressive lawmakers had raised concerns about the
size of government grants to profitable chip companies.
The Commerce Department said Friday it will limit the size
of government subsidises for semiconductor manufacturing and will not let firms
use funding to "pad their bottom line."
Congressional Progressive Caucus chair Pramila Jayapal said
the group backed the legislation after lengthy negotiations with Commerce
Secretary Gina Raimondo after the group expressed concerns chips companies
would use funding for stock buybacks or pay dividends.
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