Biden signs $280 billion chip funding bill

• "This is the moment we face," he added. "Today is the day for builders. Today America is delivering."
• "Today, I am signing the law, the Chips and Science Act, a once-in-a-generation investment in America itself, a law the American people can be proud of."

Why it matters: The funding is meant to bolster the domestic production of semiconductors — a vital component for almost every electronic device we use today — to help prevent future supply chain crises and increase competition with China.

• The bill, which passed Congress in late July with bipartisan support, gives $52.7 billion in funding for U.S. semiconductor production and another $200 billion for scientific research, including a technology directorate at the National Science Foundation meant to translate basic research into commercial products.

Go deeper: Chip billions won't be a quick fix