Eight Months In, What Is Happening With Biden's CHIPS Act?
Odd Lots
Bloomberg
4.4 • 1.6K Ratings
🗓️ 13 April 2023
⏱️ 51 minutes
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Summary
In August of last year, the White House signed the CHIPS and Science Act of 2022, a bipartisan effort to bring more advanced semiconductor manufacturing onto US shores. Of course, it already has plenty of critics. There are concerns that the bill is being larded up with red tape, or non-core progressive priorities, that will undermine the bill. On this episode, we speak to two leaders playing key roles in the act's implementation. Mike Schmidt, director of the CHIPS Program Office, and Todd Fisher, the program's chief investment officer, join us to talk about the act's goals, what's been achieved so far, and why they believe it can succeed.
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| 0:40.1 | Hello and welcome to another episode of the Odd Lots podcast. I'm Joe Wyesnthal. |
| 0:45.6 | And I'm Tracy Alloway. |
| 0:47.0 | Tracy, you know one of the things we talk about and the themes we come back to quite a lot is just this idea of like US government, |
| 0:54.2 | really all government, but I guess sort of US-centric government intervention active role in the economy, |
| 1:01.1 | which is something that I would say is like characterized a lot of like early Biden policy making so far. |
| 1:06.9 | Yes, and a perhaps unappreciated role at certain times. So we talked a lot about the history of Silicon Valley. |
| 1:12.7 | Yes. |
| 1:13.2 | And how there was a lot of US government money that actually flowed into both that place and that industry and that had a massive impact. |
| 1:22.0 | And now fast forward to you know the post pandemic era and it feels like we're seeing a bit of a resurgence. |
| 1:28.8 | Yeah, that's a good thing that you remind that reminder. Like it feels like you know the US political appetite for public investment, |
| 1:38.0 | public direction of money and capital into certain industries, it ebbs and flows sometimes that's really out of favor |
| 1:45.8 | or it's seen as anti-capitalism or something like that and clearly at least the last few years, |
| 1:50.6 | it's been sort of back in favor or at least you know maybe even a little bit under Trump, |
| 1:54.8 | it's certainly under Biden in a very significant way both with the chips act and of course the inflation reduction act of |
| 2:02.4 | series like public investment and the infrastructure bill public investment into different industries. |
| 2:07.1 | Right, I think we spoke about this with Ezra Klein, the new sort of supply side liberalism, this idea that |
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