Washington, D.C. — A year ago, President Joe Biden signed the CHIPS and Science Act into law. To mark the legislation’s one-year anniversary, Patrick Gaspard, president and CEO of the Center for American Progress, released the following statement:
In just a year, the CHIPS and Science Act has already laid significant groundwork to grow the middle class by bringing good-paying jobs back to America, strengthening supply chains, and lowering costs. Since the CHIPS and Science Act was signed into law, companies have committed more than $200 billion in semiconductor-related investments and more than 50 new semiconductor projects. Notably, many of these projects are in the types of communities that have been the most ravaged by the failed experiment of trickle-down economics.
The CHIPS and Science Act is all the more remarkable because in this era of divided government, the Biden administration, Senate Majority Leader Chuck Schumer (D-NY), and Speaker Emerita Nancy Pelosi (D-CA) worked across the aisle with Sen. Todd Young (R-IN) and his colleagues to strengthen and grow the economy by investing in American manufacturing and innovation.
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