US creates new office to administer CHIPS and Science Act

US President Donald Trump on March 31 signed an executive order to create a new agency to take over the CHIPS and Science Act program, accelerating business investments in the US.

Specifically, the United States Investment Accelerator, under the US Department of Commerce, will oversee the implementation of the above law.

The White House said the new office will be responsible for “negotiating much better CHIPS Act deals than the previous administration,” but did not provide further details on what would be negotiated.

According to a White House fact sheet, the Investment Accelerator will also encourage companies to make large investments in the United States by reducing regulatory burdens, speeding up the permitting process, coordinating with federal and state agencies, and increasing access to national resources.

The CHIPS and Science Act, signed into law by former President Joe Biden in August 2022, is expected to provide $52.7 billion in subsidies for semiconductor manufacturing and fabrication. Mr. Trump has repeatedly criticized the act.

Under the Biden administration, then-Commerce Secretary Gina Raimondo convinced all five of the world's leading semiconductor companies to locate factories in the United States through government grants, in an effort to address national security risks from imported chips.

However, in a statement in early March 2025, Mr. Trump suggested that avoiding new tariffs was enough to convince these companies to build factories in the US./.

(Vietnam News Agency/Vietnam+)

Source: https://www.vietnamplus.vn/my-thanh-lap-van-phong-moi-quan-ly-dao-luat-chips-va-khoa-hoc-post1024017.vnp