The commerce secretary announces the guardrails prohibit foreign investments for ten years as well as foreign joint research.
The Department of Commerce has released its final rule for two key guardrails of the CHIPS and Science Act. The CHIPS and Science Act will distribute over $50 billion to fund semiconductor research and manufacturing in America. The department’s guidelines are intended to keep that funding within the domestic economy.
The first guardrail prohibits funding recipients from expanding their semiconductor manufacturing into foreign countries for the next 10 years. The second guardrail prevents funding recipients from conducting joint semiconductor research with foreign entities.
“CHIPS for America is fundamentally a national security initiative and these guardrails will help ensure companies receiving U.S. Government funds do not undermine our national security as we continue to coordinate with our allies and partners to strengthen global supply chains and enhance our collective security,” said Secretary of Commerce Gina Raimondo.
As the Lord Leads, Pray with Us…
- For Secretary Raimondo as she seeks to protect and promote the domestic production of microchips.
- For Commerce Department officials as they vet and review semiconductor manufacturing projects for federal funding.
Sources: Department of Commerce
