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Daily Current Affairs

U.S.: USD 52 Billion Chips Bill

Current GK ( Banking) International Affairs

31-Mar-22

The U.S. Senate gave its approval to a bill for providing USD 52 billion in the U.S. as subsidies for the manufacturing of semiconductor chips. The procedural vote of 68-28 returns the legislation to the House of Representatives, starting a lengthy process that will eventually lead to a formal process known as a “conference,” in which politicians from both chambers will be seeking an agreement on a compromised version.

Overview:

The industry-wide chips shortage has disrupted the production in the electronics and automotive industries.
Due to this shortage certain firms have scaled back production
There is a growing call in the US to decrease the reliance on other countries for semiconductor chips.

About the bill

In June, the Senate had first passed the chips legislation and also authorized USD 190 billion for strengthening the research and technical facility of the country so that it can compete with China. In February, the house had passed its version of this bill. The bills propose various ways of addressing the United States’ competitiveness with China on a wide range of topics, including trade and certain climate policies. The decision of the senate was another step that was taken to fortify the country’s supply chains, increase production in the United States, and outperform China as well as the rest of the globe.

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