Pelosi predicts passage of $52B computer chip bill

House Speaker Nancy Pelosi says she believes Congress soon will pass a bill that provides roughly $52 billion in incentives for the semiconductor industry.

The Biden administration is pressing Congress to move quickly on the semiconductor legislation before they leave for their month-long August recess. Commerce Secretary has said that chipmakers are making decisions now about where they need to locate plants to keep up with global demand and that foreign competitors are courting those companies with financial aid.

The Biden administration has touted the financial incentives for the computer chip industry as a way to create jobs in the U.S. while also relieving inflation pressures in the long-term on automobiles, computers and other high-tech products that rely on computer chips.