House passes bill subsidizing semiconductor chip production

The House on Thursday passed a bill to subsidize domestic production of semiconductor chips with the aim of boosting competition with China.

The vote follows the Senate on Wednesday passing the measure, which now goes to President Biden for his signature.

The bill allocates roughly $280 billion to support U.S. firms in making the chips.

The lower chamber passed the measure by 243-187 shortly before adjourning for the August recess, CNBC reported. House Republicans had vowed to oppose the measure, calling it "corporate welfare," though 25 Republicans ultimately backed it.

Semiconductor chips are vital components in a range of high-tech devices. Ahead of the deal, House Speaker Nancy Pelosi's husband, Paul, came under scrutiny for his sale of 25,000 shares in chip maker Nvidia for nearly $4.1 million.