Warnock applauds semiconductor package passage

A massive bipartisan package to jump-start the nation's domestic semiconductor industry could reach the president's desk by the end of the week.

Why it matters: Commerce Secretary Gina Raimondo called the chip shortage "a national emergency."

• The pandemic put into stark clarity how reliant U.S. manufacturing remained on foreign-produced chips, which are used in everything from electric toothbrushes to computers.

Driving the news: Sen. Raphael Warnock (D-Ga.) served on the conference committee which drafted the language of the bill and took up the issue of the nation's semiconductor chip shortage starting in April 2021.

Catch up quick: At the time, Georgia's Kia manufacturing plant had been struggling to keep production open because of a shortage of the crucial automobile component.

By the numbers: The bill authorizes nearly $52 billion for chip (and chip suppliers') manufacturing, research and production as well as a 25% tax credit for investments in semiconductor manufacturing (worth about $24 billion).

• It also directs $10 billion toward regional tech hubs to help expand the country's innovation capacity, something Warnock says he specifically pushed for.

What's next: The bill needs a final stamp of approval from the U.S. House, which is likely to happen before Congress goes into recess Friday.