House Passes $280 Billion CHIPS Act Without China Provision, Sending Bill to Biden's Desk

The U.S. House of Representatives passed the CHIPS and Science Act on July 28, allocating funding for a bill now nearly two years old. The new legislation, which is now headed to President Joe Biden's desk for signing, will allocate $250 billion in subsidies, tax breaks, and research grants to prop up the domestic semiconductor industry.