The U.S. Senate has passed the Securing Semiconductor Supply Chains Act, a bipartisan bill that aims to strengthen the government’s efforts to increase investment in domestic manufacturing of chips.
Sen. Gary Peters, D-Mich., said the bill he helped craft supports the Creating Helpful Incentives to Produce Semiconductors, or CHIPS, and Science Act, which was signed into law in 2022.
“In order to remain a global economic powerhouse, we need to build on the investments we made in the CHIPS and Science Act to continue expanding our vital semiconductor industry,” the legislator stated. “This bipartisan bill would help drive further investment in American manufacturers and supply chains to reduce our dependence on foreign competitors for these critical technologies and create more good-paying jobs in Michigan.”
New Bill Seeks to Boost Domestic Chip Supply Chain Investments
The Securing Semiconductor Supply Chains Act tasks the Department of Commerce, through the SelectUSA program, to collaborate with other agencies and state economic development organizations to attract more investments into the United States.
SelectUSA was established in 2011 to promote investments that create jobs for Americans. According to the International Trade Organization, the program has facilitated over $270 billion in investment across various sectors.
Under the proposed legislation, Peters said SelectUSA will play a bigger role in boosting domestic semiconductor manufacturing capability.
The Securing Semiconductor Supply Chains Act also has the support of Sens. Rick Scott, R-Fla., and Marsha Blackburn, R-Tenn.
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