US EditionUS Commerce voids Biden's $7.4 billion semiconductor research grant deal
Commerce Secretary Lutnick revoked a $7.4 billion Biden-era grant managed by Natcast, citing legal violations and appointing the National Institute of Standards and Technology for oversight.
- The U.S. Commerce Department has stated that it will oversee $7.4 billion in semiconductor research funds, accusing the previous nonprofit Natcast of being a "semiconductor slush fund."
- The National Institute of Standards and Technology will take over operations of the National Semiconductor Technology Center from Natcast, as the agreement with Natcast is deemed invalid.
- Commerce Secretary Howard Lutnick claimed, "From the very beginning Natcast served as a semiconductor slush fund that did nothing but line the pockets of Biden loyalists with American tax dollars."
- Natcast was said to have been created illegally to manage taxpayer funds, while the Biden administration announced plans for new research facilities in Arizona and New York.
20 Articles
20 Articles
US Commerce voids Biden's $7.4 billion semiconductor research grant deal
The U.S. Commerce Department said on Monday that one of its agencies will take over operational responsibility to oversee $7.4 billion in semiconductor research funds, saying that the private non-profit established under the Biden administration to handle that function "served as a semiconductor slush fund."
Washington Examiner
DailyTruthReportLutnick announces $7.4 billion in cuts to Biden-era CHIPS funding dispenser
The Trump administration clawed back more than $7.4 billion in taxpayer dollars from a nonprofit group created under the Biden-era CHIPS and Science Act for semiconductor research and development, Commerce Secretary Howard Lutnick announced on Monday. The 2022 CHIPS Act allocated $11 billion in semiconductor research and development funding to the National Semiconductor Technology Center.
Exclusive | Commerce Secretary Howard Lutnick voids ‘illegal’ $7.4B payment to Biden ally-staffed nonprofit for semiconductor research
Commerce Secretary Howard Lutnick voided an agreement Monday that the Biden administration inked to distribute billion of dollars in semiconductor research funding through a nonprofit set up and staffed with ex-political appointees, according to a letter obtained by The Post.
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