The White House is marking President Joe Biden's one-year anniversary of signing the landmark "Chips for America" legislation providing $52.7 billion in subsidies for U.S. semiconductor production, research and workforce development.

Biden said that companies have announced $166 billion in semiconductors and electronics manufacturing over the last year, adding the law will "make America once again a leader in semiconductor manufacturing and less dependent on other countries for our electronics or clean energy supply chains."

The Commerce Department began accepting applications in June for the $39-billion subsidy program for U.S. semiconductor manufacturing as well as equipment and materials for making chips but has not yet issued awards.

Commerce Secretary Gina Raimondo said: "We're finally making the investments long overdue to secure our economic and national security. We need to move quickly, but it's more important we get it right."