Trump signs order to set up new entity to take over Biden’s Chips Act program | Trump administration | The Guardian

Trump's Executive Order on the Chips Act

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.

Criticism of the Chips Act

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.

Goals of the Investment Accelerator

The White House stated that the new office will aim to:

• Negotiate improved Chips Act deals.
• Reduce regulatory burdens for companies.
• Accelerate permitting processes.
• Enhance coordination between federal agencies and states.
• Improve access to national resources.

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.