They and more than 100 other CEOs signed a letter urging the U.S. House and Senate, which have each passed different versions of the legislation, to reach an agreement and send the bill to President Joe Biden for signature, according to news reports. Lawmakers will enter a summer recess in August, after which most observers expect to turn their attention to this fall's midterm elections.

"Our global competitors are investing in their industries, their workers, and their economies, and Congress must act to strengthen America's competitiveness," the letter said.

The Semiconductor Industry Association (SIA), the organization that signed the letter, said it was by far the largest group of business leaders to support the bill.

The report noted that the bill includes $52 billion in federal funding to expand U.S. semiconductor manufacturing capabilities. The funds will be invested in factories known as "Fabs," short for manufacturing plants.

"Leaders in our industry are under pressure to build fabs to handle growing demand for chips. They can't wait any longer," said SIA CEO John Neuffer, saying the bill would "ensure more fabs" Built in the U.S., not overseas."

In addition, the SIA has called for investment tax breaks for semiconductor manufacturing and design in competition legislation.

Democratic House Majority Leader Steny Hoyer said he hoped lawmakers could complete the legislation by the end of the month. Separately, Republican Senate Minority Leader Mitch McConnell told him that "he will not do anything to oppose or undermine consideration of this bill."