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Jan. 21, 2022, 11:59 a.m. EST

Biden presses Congress to pass chips funding as he hails Intel's plan for new site

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By Robert Schroeder


President Joe Biden on Friday pressed lawmakers to pass what's known as the CHIPS Act, which would provide $52 billion to boost U.S. semiconductor production. Speaking at the White House alongside Intel /zigman2/quotes/203649727/composite INTC -1.51% CEO Pat Gelsinger, Biden hailed the company's plans to invest more than $20 billion to build the world’s largest chip-manufacturing site in Ohio. Biden, however, said the U.S. produces barely 10% of computer chips and that Friday's announcement is "just the beginning."

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