The President today signed the CHIPS and Science Act, which will strengthen our industries of the future, bolster our supply chains, and protect our vital national and economic security. Additionally, the bill will help ensure America’s place as a global leader in science and technology. It is another demonstration that America can meet the moment.
The bill establishes an International Technology Security and Innovation Fund, including $100 million annually over five years for the State Department, which will allow us to support secure semiconductor supply chains as well as the development and adoption of secure telecommunications networks. This fund will help deepen efforts with key allies and partners in alignment with this historic domestic investment in these critical technology areas.
The legislation is an important step to further prepare our economy for the 21st century and strengthen our regional supply chain diplomacy, including through the U.S.-EU Trade and Technology Council, the Indo-Pacific Economic Framework, and the Americas Partnership for Economic Prosperity.
I am grateful to Congress for its vital partnership on this initiative. This legislation will make our Department more effective and our country more resilient and stronger in the face of the threats and opportunities the 21st century presents.