- Biden’s infrastructure plan invests over $300 billion in improving the technology sector.
- Investments include funding for improved broadband access and research and development.
- Also, $174 billion will be invested to promote the usage of electric vehicles.
- See more stories on Insider’s business page.
President Joe Biden will unveil the first, $2 trillion part of his $4 trillion infrastructure package on Wednesday, and from investing in broadband to funding electric vehicles, the technology sector can expect to see a huge influx of federal cash.
The White House fact sheet on the package released on Wednesday said a major focus of the first package is revitalizing America’s digital infrastructure, a matter vital to economic growth. It will seek to close the digital divides across the country, as certain areas don’t have equal access to electricity and high-speed internet.
“The President’s plan will create a more resilient grid, lower energy bills for middle class Americans, improve air quality and public health outcomes, and create good jobs, with a choice to join a union, on the path to achieving 100% carbon-free electricity by 2035,” the fact sheet said.
Here’s how Biden’s infrastructure plan will impact America’s technology sector:
Improving broadband access
Biden will invest $100 billion to:
- Build high-speed broadband infrastructure that will reach 100% coverage and ensure funds are set aside for tribal nations;
- Promote price transparency and competition among internet providers;
- And reduce the cost of internet broadband service to ensure every American who wants it can afford it.
Modernize and electrify public transit
Biden will invest $174 billion to:
- Give consumers tax incentives to buy American-made electric vehicles;
- Establish grant and incentive programs for state and local governments and the private sector to build a national network of 500,000 EV chargers by 2030, while promoting strong labor standards;
- Replace 50,000 diesel transit vehicles and electrify at least 20% of yellow school buses through a new Clean Buses for Kids Program at the Environmental Protection Agency;
- And electrify the federal fleet, including for the United States Postal Service.
Invest in research and development
Biden will invest $180 billion to:
- Advance US leadership in critical technologies and upgrade America’s research infrastructure;
- Establish the US as a leader in innovation and climate science;
- And eliminate racial and gender inequities in R&D.
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