President Biden has signed a $280 billion package to support the U.S. semiconductor industry.

President Joe Biden: “Today I’m signing into law the CHIPS and Science Act, a once-in-a-generation investment in America itself, a law that the American people can be proud of.”

The CHIPS Act will provide more than $76 billion in subsidies to corporations that produce semiconductor chips in the United States. Vermont independent Senator Bernie Sanders opposed the bill, saying it is a form of corporate welfare for a handful of wealthy high-tech companies.