All Things Business

Ohio’s Senators Join 62 Others In Passing Chips Bill

28 Jul , 2022  

By 1812Blockhouse

It is very possible that looking back from a twenty-years-from-now vantage point, that Wednesday’s vote in the US Senate will be seen as a transformative moment for Ohio’s economy.

At least in the near future, few places may end up as changed as Ohio because of a measure that will provide historic levels of financial investment into the domestic manufacture of semiconductors and related industries. And while Richland County is not the primary location from those manufacturing facilities, the county’s southwest corner is quite close to the building site, and of course neighboring Morrow and Knox Counties will be Intel’s next door neighbors.

From the time of the first announcement of Intel’s building plans to the present, passage of the so-called Chips Bill was singled out as important for Intel to maximize its Ohio investment.

The offices of Senator Sherrod Brown and Senator Rob Portman shared not only expressions of support and thanks, but also congratulatory words of other Ohio political leaders.

For his part, Senator Brown shared, ““By investing in Ohio’s manufacturing, research and higher education, the CHIPS Act will restore critical supply chains, help lower costs for Ohioans, and create thousands of good-paying jobs.” “This is a first step toward ending decades of corporate offshoring of our supply chains that cost Ohio jobs and now is costing everyone by causing inflation. We are putting another nail in the coffin for the term ‘Rust Belt’ – and we’re just getting started.”

A press release from Senator Portman’s office read in part, ““America’s infrastructure is in desperate need of repair and today’s vote brings the American people closer to more efficiency and safety in their roads, bridges, ports and other important assets. In addition, the Infrastructure Investment & Jobs Act will create jobs, increase productivity, and pave the way for decades of economic growth and prosperity – all without raising taxes or increasing inflation. “

The measure now heads to the US House of Representatives for what is likely to be a quick approval and then to President Biden, who is expected to sign the measure.

On Wednesday, respected tech website CNET described the industry’s current mood this way: “Chipmakers are ecstatic.”

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