We all know that semiconductors are facing a huge shortage in the market. The Senate has therefore passed a bill in order to ensure that there is a steady supply. Since the past few months, we have seen that the world is facing an acute shortage in the supply of semiconductors. Due to this shortage, several products are also getting manufactured in limited amount. These products range from Ford Broncos and F-150s to PlayStation 5, Xbox Series X, and even the Nintendo Switch.
The government earlier thought that the shortage would ease down as time passes. But now the government has decided to implement some legislation. This will help in improving the conditions about the constraints and will make the semiconductors more available.
The bill which the Senate has passed during this week is the U.S. Innovation and Competition Act. There were people for and against this bill. Sixty-eight of the Senators were for this decision, and the other 32 were against this decision. So it cleared the 60 vote requirements very easily. This bill is going to provide 52 billion dollars to the industry of semiconductors. Another 200 billion dollars will be utilized for more innovations in technologies.
The Senate passes the U.S. Innovation and Competition Act for boosting the production of semiconductors.
Everyone who has been into gaming has felt this shortage of chips. Because in the market, many of the GPUs, motherboards, and others were all becoming unavailable because of the lack of semiconductors. For the available ones, they were priced much higher than the original price. Especially the CPU and the GPU chips reached a sky-high price. This bill will help in increasing the production and capacity of the chips, and slowly we will see a fall in the prices as well. In today’s world and the present times, a significant number of chips are all being manufactured in Southeast Asian countries.
This bill will make a big expansion in the National Science Foundation and broaden its role. On expanding the National Science Foundation (NSF), there would be a new NSF that the Innovation and Competition Act would establish. This will look after the more enormous investments in the field of robotics, artificial intelligence, and high-tech areas.
The bill definitely comes with a little bit of controversy. This will give a direct competition to Chin. We know that China has made huge advancements in semiconductors, robotics, and artificial intelligence in the past few years. A few feel that this bill has been passed to overpower China in this field. Many people like Senator Bernie Sanders, who is from Vermont, feel that spending such a tremendous amount of money on the already big semiconductor companies will not be a good decision.
The Senate just passed the U.S. Innovation and Competition Act, including my Endless Frontier Act.
This legislation will set the United States on a path to out-innovate, out-produce, and out-compete the world in the industries of the future.
The bill has already passed the Senate. It will now move to the House of the Representatives, where further debates will continue about this matter. Chuck Schumer, the leader of the Senator Majority, has mentioned that he will be working on it along with Nancy Pelosi, the House Speaker, to pass the bill as quickly as possible. If this is passed from here, the only work is to reach it to President Joe Biden’s desk. Once he signs it, it will be made to the law.