Amid a chip shortage and supply chain crisis that has hit the motor industry hard, curtailing the production of many lines of cars, President Biden signed the CHIPs act into law Tuesday in a bid to onshore more semiconductor manufacturing. The $280 billion package includes $52 billion in funding to boost US domestic semiconductor manufacturing.
“Today is a day for builders. Today, America’s delivering,” Biden said during the White House signing ceremony on Tuesday. “The CHIPS and Science Act is a once in a generation investment in America itself.”
But before that, he went on an aside about his favorite car, a Corvette.
BIDEN: “Detroit's making some really hot vehicles. They even got a Hummer that goes 4.1, zero to 60. That's faster than my Corvette. Now, my Corvette’s older than I am, almost. But what I realize is that my Corvettes’s now worth a hell of a lot more than when I bought it. I got it original 5,700 bucks. They tell me it's worth a lot of money, but I know if I ever sell, a bolt will came down from heaven and smite me down. But anyway….”