Semiconductor Supply Chain Security and Diversification Act of 2024

HR 8414, the Semiconductor Supply Chain Security and Diversification Act of 2024, directs U.S. agencies to support Western Hemisphere countries in diversifying their semiconductor supply chains. It specifically targets nations with upper-middle or high-income economies (per World Bank) to develop both upstream (mining/processing critical minerals like gallium and cobalt) and downstream (testing/packaging) semiconductor infrastructure. The bill authorizes the U.S. International Development Finance Corporation to fund such projects, subject to presidential certification that the support aligns with U.S. national security interests and developmental goals. This policy aims to create more resilient regional semiconductor markets while reducing reliance on single-source supply chains.