President Biden signs CHIPS and Science Act to boost semiconductor production in the U.S.

U.S. President Joe Biden has signed the CHIPS and Science Act to address supply chain issues that have resulted in the current shortage of semiconductors.

According to President Biden, the CHIPS and Science Act is a "once-in-a-generation law that invests in America by supercharging our efforts to make semiconductors here at home."

"Today represents a more secure economy, jobs, and a stronger future for our nation," he continued on Twitter. "America is delivering."

As noted by GameSpot, an update on the House Science, Space, and Technology Committee website expanded on the law and said the Act will "surge" production of American-made semiconductors to tackle supply chain vulnerabilities.

The chips are down

The news will be a welcome sight for both console manufacturers and consumers, with an ongoing shortage of semiconductors making it harder for major players like Sony, Microsoft, and Nintendo to increase production of console hardware, resulting in supply failing to meet demand in some instances.

For example, earlier this month Nintendo said declining Switch sales were, in part, the result of  "delays in the procurement of components such as semiconductors this year."

In February last year, President Biden ordered a direct review of the supply chain issues affecting those critical materials to help devise a plan that might prevent future shortages.

The CHIPS And Science Act is being pitched as the solution to that problem, and according to Science, Space, and Technology Committee chairwoman Eddie Bernice Johnson represents "months of bipartisan and bicameral negotiations."

"The majority of this bill is made up of bipartisan provisions that started in the House Committee on Science, Space, and Technology -- which I am privileged to lead. They were built with rigorous input from the scientific community, industry, academia, and other stakeholders on what they need most to succeed in the 21st century," she added.

"In this bill we are putting forth strong initiatives at NSF, NIST, NOAA, DOE, and NASA. We’re building a diverse STEM workforce ready to tackle the challenges we face, we’re strengthening our manufacturing capabilities, we’re revitalizing American science and innovation, we’re fighting the climate crisis, and so much more. And we’re doing it all with the needs of each and every American in mind."