The CHIPS bill will pump more than $50 billion into research and manufacturing of semiconductor chips, which power everything from medical devices to weapons systems, in a bid to stay competitive with China:
. But it was overshadowed on Monday night by the news that FBI agents had searched the home of his predecessor, former President Donald Trump.prompted cries of political interference from conservative lawmakers. Those allegations have not been substantiated. A White House official said they did not receive notice of the search, and referred questions to the Justice Department. Biden did not take questions at the event.
Countering China's economic might has been one of Biden's top priorities since taking office. The new law will help make investments in strategic assets to do this, said John Mezzalingua, CEO of JMA Wireless, who was at the event. During his remarks, Biden described how the lack of domestic capacity for semiconductor manufacturing contributed to inflation when factories abroad shut down during the coronavirus pandemic.
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