U.S. Senate Approves $52 Billion Chips Bill In Bid To Reach Compromise

The U.S. Senate on Monday again approved a bill to provide $52 billion in U.S. subsidies for semiconductor chips manufacturing in a bid to reach a compromise after months of discussions.

The 68-28 procedural vote sends the legislation back to the House of Representatives in a cumbersome process to ultimately launch a formal process known as a "conference" where lawmakers from both chambers will seek agreement on a compromise version.

A persistent industry-wide shortage of chips has disrupted production in the automotive and electronics industries, forcing some firms to scale back production, and there have been growing calls to decrease reliance on other countries for semiconductors.

The Senate first passed chips legislation in June that also authorized $190 billion to strengthen U.S. technology and research to compete with China, while the House passed its version in early February.