US President Joe Biden has signed an executive order to kickstart the implementation of the $52.7bn (£44.5bn) semiconductor chips manufacturing subsidy and research law, the White House said.
Earlier this month, Biden signed the bipartisan bill to boost efforts to make the United States more competitive with China's science and technology efforts. The 'Chips and Science' law also includes an investment tax credit for chip plants estimated to be worth $24bn (£20bn).
Commerce secretary Gina Raimondo said the department has been preparing for months for the programme, including the launch of CHIPS.gov, which will oversee funding awards for the production of silicon semiconductors.
"We are committed to a process that is transparent and fair," Raimondo said. "This programme is intended to be an investment in America's long-term economic and national security and we will take the necessary steps to ensure its success."
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