The U.S. Congress is attempting to address a shortage of computer chips, used from everything from the automobile industry to medical devices, that would provide federal funding for tech companies to boost domestic production.
The shortage of chips has proven to play a large role in the disruption of auto production and driving up car prices. The Commerce Department said the demand for computer chips has risen nearly 20 percent over the last 2 years.
The effects of the chip shortage have been felt everywhere, but notably with the delay in auto dealers receiving new inventory and a 40 percent increase in car values over the past year.
President Biden is calling for $52 billion in funding to address the issue. Both the House and Congress have passed separate versions of a bill that would aim to tackle the chip shortage, but the two bodies will have to work on a resolution to put a measure into law.
Computer chips are also used in a variety of other items such as smartphones, military equipment, and other modern appliances.