Despite all the intelligence at their disposal, human beings have never really managed to keep themselves from making a mistake every now and then. This has been proven quite a few times throughout our history, with each testimony practically forcing us to look for some sort of a defensive cover. Now, it will surely take some time and effort, but at the end, we will find that exact cover as soon as we bring dedicated regulatory bodies into the fold. Having these well-defined authorities around each and every sector was a game-changer, as it instantly gave us a protective cushion against many of our shortcomings. Nevertheless, the utopia won’t last for very long, and if we are being honest, it was all technology’s fault. We say that because the moment technology and its layered nature took over the scene; it gave people an unprecedented chance to exploit others for their own benefit. This expectantly overwhelmed our governing forces and sent us back to square one. Fortunately, though, that won’t be the end of it. In fact, recent developments already suggest a renewed importance on the regulators’ part, and looking at a new legislation, it should only grow more solid from here onwards.
After various tweaks, Congress has finally passed the $280 billion CHIPS and Science Act. While the bill will look to scale up the country’s wider science and technology landscape, it is expected to dedicate a huge amount of resources towards domestic semiconductor chip manufacturing. This expectation is supported by a whopping $52 billion package, which will subsidize businesses for setting up the stated manufacturing facilities in the US. The cash injection markedly follows up on a global shortage of semiconductor chips that left many Big Tech companies in a limbo. It eventually got to a point where lawmakers, namely Sen. Chuck Schumer (D-NY), were seriously talking about instigating a domestic manufacturing drive for such products.
“For decades, some ‘experts’ said we needed to give up on manufacturing in America. I never believed that. Manufacturing jobs are back,” President Joe Biden said in a statement on Wednesday. “Thanks to this bill, we are going to have even more of them.”
The CHIPS and Science Act might just be signature away from becoming a law, but the legislation’s journey to this point was way more complicated than you can imagine. It was first introduced back in 2019. However, with some title and language changes deemed as necessary, the bill wasn’t given the green light. Eventually, these changes will spill over to its core ambitions as well, therefore causing a lengthy waiting period.
Beyond the semiconductor chips, the legislation also gives the Commerce Department a notable $10 billion grant for the purpose of helping states and cities in conceiving “regional technology hubs” across the country.