Biden to sign $52 billion chip law enforcement order

US President Joe Biden signs the CHIPS and Science Act of 2022 alongside Vice President Kamala Harris, Speaker of the House of Representatives Nancy Pelosi and Joshua Aviv, Founder and CEO of SparkCharge, on the South Lawn of the House Blanche in Washington, United States, on August 9. 2022. REUTERS/Evelyn Hockstein/File Photo

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WASHINGTON, Aug 25 (Reuters) – President Joe Biden will sign an executive order on Thursday implementing the $52.7 billion semiconductor chip manufacturing and research subsidy law, the government said. White House.

Earlier this month, Biden signed the bill to strengthen efforts to make the United States more competitive with China’s science and technology efforts. The law aims to ease a lingering shortage that has affected everything from cars and guns to washing machines and video games by subsidizing American chip manufacturing and boosting research funding.

Biden’s order sets out six key priorities to guide implementation and establishes a 16-member CHIPS Interagency Implementation Board that will be co-chaired by National Economic Director Brian Deese, National Security Advisor Jake Sullivan and Director Acting Office of Science and Technology Policy Alondra Nelson. The council will include the Secretaries of Defense, State, Commerce, Treasury, Labor and Energy.

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The White House also said the Commerce Department launched CHIPS.gov, which will award grants for chip production.

The department “is committed to deploying the funding as quickly as possible, while ensuring adequate time to complete the necessary due diligence,” the White House said.

It remains unclear when the Commerce Department will officially make funding for semiconductor chips available for potential applications or how long it will take to issue awards.

The White House said the chip program “will include rigorous review of applications as well as robust compliance and accountability requirements to ensure taxpayer funds are protected and spent wisely.”

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Reporting by David Shepardson; edited by Jason Neely and Chizu Nomiyama

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