The Commerce Department is proposing regulations to prevent adversarial countries like China and Russia from benefiting from U.S. investments in semiconductor manufacturing.
Steve Forbes and John Carney talk restoring pro-growth economic policies and the cost of President Biden's regulatory agenda on"Kudlow."from using technology developed out of the $52 billion CHIPS and Science Act against the U.S. or its allies.last year, which includes a requirement that the Commerce Department develop regulations to prevent companies that receive some of the billions of dollars in incentives for developing and manufacturing semiconductors in the U.S.
"The innovation and technology funded in the CHIPS Act is how we plan to expand the technological and national security advantages of America and our allies; these guardrails will help ensure we stay ahead of adversaries for decades to come," Commerce Secretary Gina Raimondo said in a press release Tuesday.
The CHIPS and Science Act provided about $52 billion in subsidies aimed at boosting U.S. production of semiconductors, and it contained provisions aimed at preventing countries like China from benefiting. "CHIPS for America is fundamentally a national security initiative and these guardrails will help ensure malign actors do not have access to cutting-edge technology that can be used against America and our allies," Raimondo added. "We will also continue coordinating with our allies and partners to ensure this program advances our shared goals, strengthens global supply chains, and enhances our collective security.
Entities receiving incentives under the CHIPS Act can’t engage in "significant transactions" above $100,000 to expand
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