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Senator Young touts positive impact of the CHIPS and Science Act on U.S. economy, competitiveness

Wednesday, March 13, 2024 at 8:21 AM

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Today, U.S. Senator Todd Young (R-Ind.) discussed how the CHIPS and Science Act has increased U.S. global competitiveness and benefited the U.S. economy during a Senate Finance Committee hearing entitled “American Made: Growing U.S. Manufacturing Through the Tax Code.”

In his remarks, Young noted that since the bill became law in 2022, the semiconductor industry has announced more than $240 billion in private sector investment in the production of both foundational and leading-edge microchips. 

“The CHIPS and Science Act also established the Microelectronic Commons program, under which my state of Indiana has been designated the leader of the Silicon Crossroads Microelectronics Hub,” said Young. “This regional partnership was designed to accelerate the prototyping of advanced microchips. The Hub will bolster private investments that will secure our country’s advantage in leading-edge semiconductor design, which is very important to our national security. This and other partnerships have already drawn more than two billion dollars in publicly-announced private investments into the state of Indiana alone. Great things are being made in Indiana thanks to the passage of the CHIPS and Science Act.”

Video of Young’s remarks is available here.  

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