Biden to Sign 'Building Chips in America Act'

President Joe Biden is set to sign the 'Building Chips in America Act of 2023,' which aims to expedite the permitting process for semiconductor manufacturing projects by easing National Environmental Policy Act (NEPA) requirements. The bill, passed by the House with a 257-125 vote and unanimously by the Senate, intends to accelerate the establishment of domestic chip factories, reducing reliance on Asia, particularly Taiwan. Companies like Intel and Taiwan Semiconductor Manufacturing Co. stand to benefit significantly from this bill. Meanwhile, the Biden administration announced the first CHIPS Act award to Polar Semiconductor, which will receive $123 million to expand its Minnesota facility, aiming to double its production capacity within two years. However, environmental groups have raised concerns about the potential increase in emissions and broader environmental impact.