Overview

• The CHIPS and Science Act, signed by President Biden in August 2022, ties $52.7 billion in funding for semiconductor production to diversity, equity, and inclusion (DEI) requirements.
• Critics, including Rep. Jim Banks and Strive Asset Management, argue that the DEI requirements may hinder investment and delay projects.
• The Act has led to significant investments, including a $8.5 billion grant to Intel for semiconductor plants in Arizona, expected to create thousands of jobs.
• Opponents claim the DEI mandates could deter foreign investment and add costs, while supporters argue it promotes inclusivity and benefits the economy.
• Despite criticisms, semiconductor projects are underway, with the federal government announcing multiple agreements with industry players.