President Joe Biden signs CHIPS Act

President Joe Biden on Tuesday signed the CHIPS and Science Act into law, a bill that aims energize the domestic manufacturing of semiconductor chips and other technologies critical to many U.S.-based supply chains.

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

President Joe Biden virtually attends an event implementing the Chips and Science Act of 2022 in the James S. Brady Press Briefing Room at the White House in Washington on August 2. Biden will sign the bill into law on Tuesday.

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

Biden signed the bill during a ceremony on the South Lawn of the White House.

"In America, everything is possible," Biden said in his speech. "We can channel all of our resources. We can channel the good talents of all our people."

"We haven't always gotten it right, but we have never walked away," he added.

"Fundamental change is taking place today -- politically, economically and technologically."

The White House said the bill will lower the cost of everyday goods, strengthen American manufacturing and innovation and bolster economic and national security. Officials added that the bill will boost U.S. semiconductor research, development and production.

"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."

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