https://justthenews.com/politics-policy/house-passes-bill-subsidizing-semi-conductor-chip-production?utm_source=justthenews.com&utm_medium=feed&utm_campaign=external-news-aggregators

The House of Representatives on Thursday passed a bill to subsidize domestic production of semiconductor chips with the aim of boosting competition with China.

The Senate, on Wednesday, passed the CHIPS Act in a 64-33 vote. The bill allocates $280 billion to support American firms in making the chips. With the bill’s passage in both Houses, it now heads to President Joe Biden’s desk for his signature, after which it will become law.

The lower chamber passed the measure by 243-187 shortly before adjourning for the August recess, CNBC reported. House Republicans had vowed to oppose the measure, calling it “corporate welfare,” though 25 Republicans ultimately backed it.

Semiconductor chips are vital components in a range of high-tech devices. Ahead of the deal, House Speaker Nancy Pelosi’s husband, Paul, came under scrutiny for his sale of 25,000 shares in chip maker Nvidia for nearly $4.1 million.

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