Senate passes bipartisan bill investing $52 billion in US semiconductor production

(CNN)The Senate voted Wednesday to pass a long-awaited bill aimed at boosting US semiconductor production in a bid to increase American competitiveness.

It passed with broad bipartisan support, 64 to 33.

The measure now goes to the House for approval before it can be sent to President Joe Biden for his expected signature.

The legislation is aimed at addressing a semiconductor chip shortage and making the US less reliant on other countries such as China for manufacturing. Supporters say the measure is important not only for US technological innovation, but for national security as well.

It sets up incentives for domestic semiconductor manufacturing as well as research and development and includes more than $50 billion in funding for that aim. It includes a number of provisions aimed at bolstering scientific research, including authorizing billions of dollars for the National Science Foundation, the Department of Commerce and the National Institute of Standards and Technology.

Senate Majority Leader Chuck Schumer has praised the bill as a major bipartisan achievement and touted it as highly consequential.