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President Biden’s Economic Policies Highlighted on the First Anniversary of the CHIPS and Science Act
President Joe Biden is preparing to highlight his administration’s economic policies in a speech Wednesday marking the first anniversary of the enactment of the CHIPS and Science Act.
The legislation, signed into law Aug. 9, 2022, aimed to bolster semiconductor manufacturing in the U.S. and counter China’s economic influence. It made nearly $53 billion in investments in U.S. semiconductor manufacturing, research and development, according to the White House.
Addressing Semiconductors: Taiwan’s Dominance and China’s Growing Threat
Taiwan makes 60% of the world’s semiconductors, according to a 2021 report from the Boston Consulting Group, but it faces threats from China, which claims the self-ruling island as its own.
Biden’s Commitment to the CHIPS and Science Act
“Over the coming months, my Administration will continue to implement this historic law, make sure American union workers, small businesses, and families benefit from investments spurred by the CHIPS and Science Act, and make America once again a leader in semiconductor manufacturing and less dependent on other countries for our electronics or clean energy supply chains,” Biden said in a statement on Wednesday.
President Biden’s Schedule and Focus on Legislative Achievements
The president’s remarks will take place in Albuquerque, New Mexico, during a three-state swing in the Southwest. He arrived in New Mexico from Arizona on Tuesday, and he plans to depart for Utah after Wednesday’s speech.
The trip is part of a lead-up to the anniversary of the Inflation Reduction Act, signed into law on Aug. 16, 2022. Senior administration officials blitzed across the country this week to tout aspects of the president’s signature pieces of legislation.
Other Activities and Initiatives by President Biden
On Tuesday in Arizona, Biden announced a new national monument near the Grand Canyon. The monument encompasses nearly 1 million acres of land, according to the White House. Biden said that beyond conserving and protecting ancestral places significant to Indigenous people, the monument would also help grow the area’s tourism economy.
After he arrived in New Mexico, the president attended a fundraiser, where he said he would soon travel to Vietnam. The White House had not previously announced the trip.
Biden won New Mexico in 2020 with 54.3% of the vote. His margin in Arizona was far slimmer, just over 10,000 votes. Utah went to Donald Trump, with 58.1% of the vote.
