Semiconductor chip production to get a boost via Senate bill The US Senate had been discussing whether or not to roll out a new bill to strengthen the semiconductor chip production industry in the country. And now, the bill has finally been passed with a 68-32 majority. The aim of the package is to help the United States better compete with the likes of China in the chip market. New Funds for Semiconductor Chip Market As per the new legislation, some $190 billion will be kept aside exclusively to support the growth of the technology and research-related industry. Another, separate funding of around $54 billion will also be set up to provide a boost to the production and research of semiconductors and other telecommunications equipment. Out of this, $2 billion will be dedicated to chips required by the auto industry, to revive the production rates that had significantly declined, owing to the global chip shortage.