This is the best summary I could come up with:

WASHINGTON (AP) — The Biden administration said Monday that the government intends to provide $1.5 billion to the computer chip company GlobalFoundries to expand its domestic production in New York and Vermont.

The law enables the government to invest more than $52 billion to revitalize the manufacturing of computer chips in the United States as well as advance research and development.

“The chips that GlobalFoundries will make in these new facilities are essential,” Commerce Secretary Gina Raimondo said on a call with reporters.

Senate Majority Leader Chuck Schume r, D-N.Y., was an architect of the law that enables the funding of chips factories, a technology that he said was as essential to the U.S. economy and national security as food.

He said in an interview with The Associated Press that the United States could be vulnerable to disruptions as it was during the coronavirus pandemic when auto plants lacked enough chips to keep making vehicles.

With a major election this year that puts control of the White House and Congress on the line, the health of the U.S. economy has been a serious concern.

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