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House passes the CHIPS Act, bill awaits signing by President Biden

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The House of Representatives has achieved the votes necessary to pass the CHIPS Act, which now heads to President Biden's desk for signing.

Video Transcript

SEANA SMITH: We want to bring you some breaking news. The House passing the bipartisan CHIPS Act. The bill will be sent to President Biden's desk, making federal funding for a new chip manufacturing law. Now the bill includes over $52 billion for US companies producing chips domestically, as well as $24 billion in tax credits to encourage investment in chip manufacturing. Dave, you and I and Rachelle, too, have talked about this at length here over the last couple of weeks. Finally, we're seeing agreement here between the Democrats and the Republicans at least on this issue.

DAVE BRIGGS: It's rather remarkable, actually, how long this thing festered and sat about a year after initially agreed upon, when it seemed like the majority of senators and congressmen agreed that our CHIPS Act had to pass, that we had to compete with Taiwan. We had to compete with China. And now we have broad bipartisan support for, quite frankly, anything in Washington, it is astounding. This is a big win for Intel. I'd certainly like to check what their shares are doing. But they stand to be the biggest beneficiary opening that plant in Ohio soon. They have said that that was subject to passage of this bill, Rachelle.

RACHELLE AKUFFO: And as we did hear from our JobsOhio CEO and president yesterday, obviously, this is going to take some time. But these are plans that have essentially been put on hold, waiting for this legislation to pass. So the jobs that could come from this and what this actually means in terms of US manufacturing starting to come back, as we know that the US lost market share. It went down probably 40% to 12% when it came to chip manufacturing. So it'll take time, obviously, for that momentum to kick in, but obviously, a step in the right direction for US chip manufacturers. Seana.

SEANA SMITH: It certainly is a step in the right direction. The House vote, 243 to 187.