Donald Trump signed an executive order creating the United States Investment Accelerator within the commerce department. This new entity will oversee the implementation of the Chips and Science Act, a $52.7 billion initiative to boost US semiconductor manufacturing.
Trump has consistently criticized the bipartisan Chips Act, which President Biden signed into law in August 2022. He previously advocated for its repeal and the use of the allocated funds for debt reduction.
The White House stated that the new office will aim to:
The executive order seeks to expedite corporate investments in the US and improve upon what the Trump administration views as less-than-optimal agreements made under the previous administration.
Donald Trump signed an executive order on Monday setting up a new entity to take over the Chips Act program and speed up corporate investments in the US.
The United States Investment Accelerator within the commerce department will oversee implementing the Chips and Science Act, a 2022 law that made $52.7bn in subsidies available for semiconductor chips manufacturing and production.
Trump has repeatedly criticized the bipartisan Chips Act, signed by then president Joe Biden in August 2022. Earlier in March he said US lawmakers should get rid of it and instead use the proceeds to pay debt.
The new office will be responsible for “negotiating much better Chips Act deals than the previous administration”, the White House said, without providing further details on what would be negotiated.
The Investment Accelerator will also encourage companies to make large investments in the US by reducing regulatory burdens, speeding up permitting, coordinating with federal agencies and states, and increasing access to national resources, according to a fact sheet released by the White House.
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