Biden welcomed the passage of the bill to stimulate semiconductor manufacturing in the U.S.

U.S. President Joe Biden welcomed the passage of the CHIPS and Science Act bill aimed at making the United States more competitive with China through the allocation of billions of dollars to domestic semiconductor manufacturing and research.

“This bill makes it clear that world-leading innovation will happen in America. We will invent in America and create what’s invented in America,” Biden said.

The bill was approved by the House of Representatives with 243 votes in favor with 187 opposed and last week by the Senate with 64 in favor with 33 opposed.

Biden is expected to sign it in the coming days.

The $280 billion bill includes $52 billion in measures to encourage domestic semiconductor manufacturing, as well as investment tax credits for semiconductor manufacturing.

Advocates of the law said it would allow the U.S. to close the gap in the global semiconductor manufacturing race, which is currently dominated by China, Taiwan and South Korea.

Last year, semiconductor shortages affected the supply of cars, electronic devices and other goods, causing a rise in inflation around the world and lowering Biden’s rating among American voters.