Sen. Bob Menendez joined with New Jersey business leaders to push for Congress to pass the Creating Helpful Incentives to Produce Semiconductors for America (CHIPS) Act.

The law would provide $52 billion to incentivize United States computer chip manufacturing and semiconductor production. If the Senate passes the act, it would create a tax credit for businesses that invest in manufacturing.

Officials say that the goal is to ease supply chain disruptions by decreasing dependence on foreign manufacturing.

"Improving our ability to produce and manufacture chips domestically - has a direct link to reducing long-term inflation costs,” Menendez said.

The bill sets aside $131 million to help fund the creation of a National Supply Chain Database. The database would report information to manufacturers so they can better meet the demand for productions such as defense supplies, food and medical devices.