Microchip shortage: Why US is poised to take rare action

A global shortage of microchips has crimped the availability of cars and other products. It’s also stirring discussion about something longer term: whether the U.S. needs an industrial policy to retain an edge in innovation.

The computer chip shortage, which has disrupted supplies of everything from automobiles to wheelchair accessories, is pushing Congress to take big steps in helping America’s high-tech industry.

Congress has already passed legislation to encourage semiconductor firms to build chip fabrication facilities, or fabs, in the United States. It has not yet authorized the funding. Not...