U.S. Senate Moves Ahead With CHIPS Act Funding

On July 19, the U.S. Senate voted 64-34 to move forward with consideration of a $52 billion bill to fund the federal CHIPS Act, which is critical to Intel’s Ohio investment. The procedural vote means a final “yes” vote could come as early as next week.

U.S. Sen. Sherrod Brown (D-OH) said he hopes the bill will be passed by the House and signed by President Joe Biden before Congress’ August recess. Sen. Rob Portman (R-OH) told colleagues the bill was necessary because other nations — including China — are offering much larger financial incentives for new chip manufacturing facilities.

In an editorial published by The Wall Street Journal (subscription), Intel CEO Pat Gelsinger and Ford Motor Co. CEO Jim Farley said the funding would “boost production of leading-edge and legacy chips,” while leveling the playing field for U.S. manufacturers.

U.S. Commerce Secretary Gina Raimondo is warning that America’s dependence on foreign computer chip fabrication puts the nation at risk of a “deep and immediate recession.” 7/21/2022