A bipartisan group of lawmakers has unveiled a bill aimed at using more than $22.8 billion to help bring more semiconductor manufacturing to the US.

US officials have become increasingly concerned over the lack of US-based semiconductor manufacturing. In recent decades, the vast majority of the industry has moved overseas. The coronavirus has demonstrated the danger of relying on overseas production for components that are critical to so many industries. As the pandemic took a toll on China, American companies struggled to keep up with demand as a result of impacted supply chains.

One of the first steps toward semiconductor independence was a deal reached with TSMC to build a $12 billion facility in Arizona. As the primary chip provider for Apple’s iPhones and iPads, as well as other tech companies, a US-based TSMC plant would help insulate supply chains from future disruptions.

In the bill unveiled by US Senators John Cornyn and Mark Warner, as well US Representatives Doris Matsui and Michael McCaul, more than $22.8 billion will be used to bring even more semiconductor manufacturing to the US.

“Semiconductors underpin nearly all innovation today and are critical to U.S. communications and defense computing capabilities. While Texas has been a leader in manufacturing this technology and the U.S. leads the world in chip design, most of those chips are manufactured outside the United States,” said Sen. Cornyn. “This legislation would help stimulate advanced semiconductor manufacturing capabilities domestically, secure the supply chain, and ensure U.S. maintains our lead in design while creating jobs, lowering our reliance on other countries for advanced chip fabrication, and strengthening national security.”

“America’s innovation in semiconductors undergirds our entire innovation economy, driving the advances we see in autonomous vehicles, supercomputing, augmented reality, IoT devices and more. Unfortunately, our complacency has allowed our competitors – including adversaries – to catch up. This bill reinvests in this national priority, providing targeted tax incentives for advanced manufacturing in the US, funding basic research in microelectronics, and emphasizing the need for multilateral engagement with our allies in bringing greater transparency and attention to security and integrity threats to the global supply chain,” said Sen. Warner.

Should the bill pass, it should provide a significant stimulus to US semiconductor efforts.