Senators to unveil $52 billion proposal to boost semiconductor chip production

A group of senators will unveil a $52 billion proposal Friday that would hugely increase the research and production of U.S. semiconductor chips over the next five years and make the country less dependent on unstable foreign sources like China.

Sens. Mark Kelly, an Arizona Democrat, John Cornyn, a Texas Republican, Mark Warner, a Virginia Democrat, and Tom Cotton, an Arkansas Republican, have been working on a measure that would find a compromise between both parties while addressing the issue of severe shortages in semiconductors, which severely affects car manufacturers among other industries, Reuters reported.