President Joe Biden signs CHIPS Act into law to boost domestic production

President Joe Biden signs CHIPS Act into law to boost domestic production.

President Joe Biden will sign two key documents on Tuesday -- including the CHIPS and Science Act, which aims energize the domestic manufacturing of semiconductor chips and other technologies critical to many U.S.-based supply chains.

The COVID-19 pandemic exposed weaknesses in manufacturing and supply chains due to their dependence on foreign chips.

Biden is scheduled to sign the bill into law during a ceremony on the South Lawn of the White House at 10 a.m. EDT

"This bill will lower the cost of everyday goods, strengthen American manufacturing and innovation, create good-paying jobs, and bolster our economic and national security," the White House said in a statement Tuesday.

The administration said that the new law will boost U.S. semiconductor research, development and production to shore up domestic supply chains.

"America invented the semiconductor, but today produces about 10% of the world's supply and none of the most advanced chips," the White House said in a statement. "Instead, we rely on East Asia for 75% of global production.

"The CHIPS and Science Act will unlock hundreds of billions more in private sector semiconductor investment across the country, including production essential to national defense and critical sectors."

Since Congress passed the bill, tech companies have announced nearly $50 billion in additional investments in U.S. semiconductor manufacturing. The White House said every region of the country will benefit from the new law.

"Economic growth and prosperity over the last 40 years have clustered in a few regions on the coasts, leaving far too many communities behind," it said.

"The CHIPS and Science Act will ensure the future is made in all of America, and unlock opportunities in science and technology for those who have been historically left out."

Later Tuesday, Biden will also sign the Instruments of Ratification for the Accession Protocols to the North Atlantic Treaty for Finland and Sweden. The document submits formal U.S. approval in adding the Scandinavian countries to NATO.

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