WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), Chairman of the Senate Select Committee on Intelligence and author of the bipartisan law to invest in domestic semiconductor manufacturing, today released a statement on the one-year anniversary of the CHIPS and Science Act:
“I fought to pass the CHIPS and Science Act because it’s good for our supply chains, our families, and our national security to make semiconductors here at home. In the year since, the law has bolstered innovation, helped America to compete against countries like China for the technology of the future, and created good-paying manufacturing jobs that will grow the middle class.”
Nearly everything that has an “on” switch – from electric toothbrushes and calculators to airplanes and satellites – contains a semiconductor. One year ago, President Biden signed into law the CHIPS and Science Act, a law co-authored by Warner to make a nearly $53 billion investment in U.S. semiconductor manufacturing, research and development, and workforce, and create a 25 percent tax credit for capital investments in semiconductor manufacturing.
Semiconductors were invented in the United States, but today we produce only about 12 percent of global supply – and none of the most advanced chips. Similarly, investments in research and development have fallen to less than 1 percent of GDP from 2 percent in the mid-1960s at the peak of the space race. TheCHIPS and Science Act aims to change this by driving American competitiveness, making American supply chains more resilient, and supporting our national security and access to key technologies. In the one year since it was signed into law, companies have announced over $231 billion in commitments in semiconductor and electronics investments in the United States.
Last month, Sen. Warner co-hosted the CHIPS for Virginia Summit, convening industry, federal and state government, and academic leaders for a series of strategic discussions on how to propel Virginia forward in the booming U.S. semiconductor economy.