CHIPS Act - Auto Suppliers See a Light in the Tunnel
After two years of legislating, congressional lawmakers recently coalesced around the Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act. Signed into law by President Joe Biden on Aug. 9, the $53 billion plan aims to bring semiconductor chip research and manufacturing to the U.S., hoping to future-proof against similar supply chain disruptions caused by a heavy reliance on producers based overseas, particularly in Southeast Asia.
“I see it as a very positive step. I see it as something that will make us less reliant on other countries for something that’s critical to our supply chain,” said Pat Greene, president of Tier 2 supplier Cascade Die Casting Group Inc. “I think it’s important we control our own destiny, and I think that’s a step in the right direction.”