Policy Director, Chamber Technology Engagement Center (C_TEC), U.S. Chamber of Commerce
Last August, President Biden signed into law the CHIPS and Science Act of 2022—landmark bipartisan legislation that invests $53 billion in America’s semiconductor industry, strengthens supply chains, enhances domestic research and development (R&D) capabilities, and bolsters national security. While these actions are not only crucial to bolstering America's global competitiveness, they also reinforce the importance of American ingenuity and innovation.
As we mark the one-year anniversary of this historic legislation, we must analyze the progress that's been made toward achieving the law's stated goals, understand how its key provisions fit together, and outline what additional actions are necessary to achieve its full potential.
Semiconductor ecosystem investments
Semiconductors are essential in a host of innovative technologies, such as artificial intelligence and advanced communications, which, in turn, are vital to U.S. national security. Other sectors that also rely on semiconductors include the electronics, automotive, aerospace, and defense industries.
While the U.S. previously led the world in semiconductor production, our share of global semiconductor manufacturing capacity dropped from 37 percent in 1990, to just 12 percent today, stemming in part from significant cost differences between the U.S. and other countries.
The...
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