Biden administration to seek chip funding requests next year – NYT

US President Joe Biden signs the CHIPS and Science Act of 2022 alongside Vice President Kamala Harris, Speaker of the House of Representatives Nancy Pelosi, Secretary of Commerce Gina Raimondo and Joshua Aviv, Founder and CEO of SparkCharge , on the South Lawn of the White House in Washington, U.S., August 9, 2022. REUTERS/Evelyn Hockstein

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Sep 6 (Reuters) – The U.S. Commerce Department aims to begin soliciting applications for semiconductor chip funding from companies no later than February, Commerce Secretary Gina Raimondo said in a statement on Tuesday. interview with the New York Times.

President Joe Biden last month signed an executive order implementing the $52.7 billion semiconductor chip manufacturing and research subsidy act. Read more

The ministry could start disbursing money by next spring, Raimondo added.

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The Commerce Department will review and audit companies that receive the funding and will take back funds from any company that violates the rules, the NYT reported.

Biden signed the bill to boost efforts to make the United States more competitive with China’s science and technology efforts.

By subsidizing chip manufacturing in the United States and increasing research funding, the law aims to alleviate a persistent shortage that affects everything from cars and guns to washing machines and video games.

The US Commerce Department did not immediately respond to Reuters’ request for comment.

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Reporting by Baranjot Kaur in Bengaluru, editing by Louise Heavens

Our standards: The Thomson Reuters Trust Principles.

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