Home » White House Issues Executive Order to Accelerate Chip Funding Speed ​​Innovation Project Begins Full Operation- the United States

White House Issues Executive Order to Accelerate Chip Funding Speed ​​Innovation Project Begins Full Operation- the United States

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White House Issues Executive Order to Accelerate Chip Funding Speed ​​Innovation Project Begins Full Operation- the United States

U.S. President Joe Biden wasted no time enacting a $280 billion law after signing the bill to boost domestic semiconductor manufacturing. On Thursday, Biden signed an executive order that would fast-track the flow of money to companies such as Intel that want to build manufacturing bases in the United States. Biden formally signed the CHIPS and Science Act two weeks ago, but Thursday’s order puts the sweeping American innovation program to work.

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The swift implementation of the bill underscores the administration’s urgent need to improve U.S. competitiveness against Asian nations and alleviate an ongoing chip shortage that affects industries as diverse as automakers and gaming equipment.

It’s unclear when the Commerce Department will officially make the $52 billion in semiconductor subsidies available to manufacturers. But Biden’s latest order created a new interagency committee, headed by National Economic Director Brian Diess, to oversee the rollout of funding. The executive order also identified six administrative priorities for funding, including “rigorous” application review and a focus on national security needs.

“We will deploy these funds as quickly as possible while also ensuring the time required to perform due diligence,” Commerce Secretary Gina Raimondo said in a statement on Twitter on Thursday. “This plan is designed to be an investment in America’s long-term economic and national security, and we will take the necessary steps to ensure its success.”

It took Congress nearly two years to ratify the CHIPS and Science Act with minor changes to the title and text, and manufacturers’ patience was waning as the bill stalled over the summer. According to the New York Times, Intel delayed the groundbreaking ceremony for its Ohio factory and even presented a new plan to the Biden administration to take over an abandoned Chinese factory rather than wait for funding to pass.

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As part of Biden’s order on Thursday, the Commerce Department launched a new website, “CHIPS.gov,” to provide transparency on how the government plans to release funds.

For lawmakers like Sen. Bernie Sanders, that transparency is important. When the bill passed Congress, Sanders scoffed at the measure, saying in a Senate meeting last month: “The question we should be asking is this: When semiconductor companies are making tens of billions of dollars in profits and increasing their Should U.S. taxpayers hand the microchip industry a blank check for over $76 billion when it comes to paying exorbitant salaries?”

Last week, local media reported that Biden will attend the groundbreaking ceremony for Intel’s $20 billion investment in Ohio, which is scheduled to take place in the coming weeks. The company claims that the new plant will be “the largest silicon manufacturing base on the planet” and will require 7,000 workers to build.

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