Senate approves bill to boost U.S. semiconductor manufacturing

The Senate approved a bill that bipartisans say will be key to U.S. economic competition with China.

The $280 billion bill, called CHIPS, would provide $52 billion in grants and incentives for domestic manufacturers of semiconductors, a key element in a wide range of products that require microchips.

The bill also calls for $200 billion in research funding over the next ten years.

“America will never again be dependent on something overseas that was created here, made in America, invented here. And we will have jobs here again,” House Speaker Nancy Pelosi said last week as she met with representatives of the United Auto Workers union in Michigan.