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Biden urges Congress:
Pass Innovation Act
WASHINGTON, D.C. — In his Febru-
ary State of the Union address, Pres.
Joseph R. Biden urged Congress to
pass the Innovation Act and off ered
a shout-out to Intel and its planned
megafab near Columbus, Ohio.
Waiting for Congress
Biden pointedly pushed Congress to pass
the bipartisan Innovation and Competition
Act of 2021. Introduced in April 2021, the
Act passed the Senate 68-32 as S1260
and now goes to the House.
A critical section of the Act calls for emer-
gency appropriations for semiconductors
through a fund entitled, “Creating Help-
ful Incentives to Produce Semiconductors
(CHIPS) for America Fund).”
President Biden urged Congress to pass the Innovation and Com-
petition Act. C-Span
Money for semiconductors
For FY2022, the act allocates $24 billion.
This is to subsidize investment in facili-
ties for fabrication, assembly, test and
advanced packaging of semiconductors.
Additional money is allocated for FY2023-
2026.
Biden said the U.S. formerly invested 2
percent of GDP in R&D. “We don’t now,
China does.
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