Fox Business reported Friday that the Biden Administration is looking to do something to fix the semiconductor shortage that is crushing numerous industries and businesses.
For instance, new cars are beyond scarce, because of a chip shortage, but that could be changing.
A source told Fox that U.S. Commerce Secretary Gina Raimondo is hoping to open between 6 and 8 semiconductor chip factories in the U.S. within 18 months of Biden signing a bill called the Innovation and Competition Act into law.
Raimondo wants to use $52 billion from the $250 billion that is earmarked for the Innovation and Competition Act for the new chip plants.
Word is Raimondo is of the belief that the U.S. is just too dependent on Taiwan for the chips right now. Only 12% of the worldwide supply are made in America, and we make none of the sophisticated chips needed to run complex and modern technology.
She wants that to change.
Individual American companies are also getting into the chip game more aggressively. Intel is planning on building two new chip factories in Arizona, a plan that will cost $20 billion but won’t be cranking out new chips until 2024.
The worldwide chip shortage is not going away any time soon, and these new factories are critical.