The CHIPS and Science Act of 2022, signed Tuesday by President Biden, includes the stated purpose of challenging China’s pursuit of technological and manufacturing leadership in the global semiconductor industry. The bill easily passed both the Senate (64-33) and the House (243-187) with bipartisan support in both houses.

While the passage of the CHIPS Act is a historic achievement that directly addresses the need for chip supply chain resilience add capacity in the U.S., it is also a timely and important commitment to a much longer and comprehensive policy effort to ensure long-term U.S. technology and market share leadership in the vital semiconductor industry.