The U.S. share of global semiconductor-manufacturing capacity has declined sharply over the past three decades, leading to concerns about American reliance on imports for chips that are crucial to the economy and national security.
In an effort to reverse that decline, Congress passed the CHIPS for America Act last year and the legislation was signed into law. It aims to provide government subsidies to encourage chip production in the U.S. and support for semiconductor research and development. The House of Representatives approved $52 billion of funding for the CHIPS act earlier this month, matching the amount approved by the Senate last June. The House and Senate funding will have to go through a negotiation process to produce a single bill that will need new approval from both houses of Congress.