President Donald Trump signed an executive order Monday creating the United States Investment Accelerator, a new office within the Commerce Department aimed at streamlining the implementation of the CHIPS Act and expediting major corporate investments in the United States.
The office will oversee $52.7 billion in subsidies made available by the 2022 CHIPS and Science Act for semiconductor manufacturing and production.
According to a White House fact sheet, the Investment Accelerator will be responsible for “negotiating much better CHIPS Act deals than the previous Administration.” Specific details were not provided.
Trump previously criticized the bipartisan CHIPS Act, which was signed into law by President Joe Biden in August 2022. Earlier this month, Trump suggested that U.S. lawmakers should eliminate the program and use the funds to pay down national debt....
