President Joe Biden commemorated the one-year anniversary of the CHIPS and Science Act by vowing to remake the United States into the top global semiconductor producer.

The law, a critical component of Biden's economic and green energy agenda, seeks to boost the domestic production of semiconductors in an effort to secure the U.S. supply chain and generally reduce national dependence on China.

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"In the year since I signed this legislation into law, companies have announced over $166 billion to bring semiconductor manufacturing back to the United States," Biden wrote in a statement Wednesday. "These investments are creating jobs and opportunities in communities across the country – from Ohio to Arizona, Texas and New York. And, in the last year alone, at least 50 community colleges have announced new or expanded programs to help American workers access good-paying jobs in the semiconductor industry."

"The CHIPS and Science Act is a key part of my Bidenomics agenda to bring investment and opportunity to every corner of the country," he continued. "Over the coming months, my Administration will continue to implement this historic law, make sure American union workers, small businesses, and families benefit from investments spurred by the CHIPS and Science Act, and make America once again a leader in semiconductor manufacturing and less dependent on other countries for our electronics or clean energy supply chains."

In the 1990s, the U.S. produced roughly 40% of the global chip supply, but currently produces just 10%.

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The president has cited the CHIPS and Science Act, Inflation Reduction Act, and bipartisan infrastructure as key pillars of "Bidenomics," the summation of his economic agenda.

Still, Biden is currently underwater when it comes to public perception of his economic stewardship. Just 38.3% of voters approve of his economic policies, yet both White House and Biden campaign officials argue that those numbers will increase as more of the president's legislative agenda is implemented.