The 2022 CHIPS and Science Act was the United States’ most ambitious foray into industrial policy in more than half a century. The bill included roughly $50 billion to revitalize the U.S. semiconductor industry, which had been hollowed out over decades as manufacturing migrated overseas. Industrial policy, long eschewed in policy circles, had come back in vogue as a way to strengthen supply chain resilience for industries critical to economic and national security. Moving the legislation