(The Guardian) White House press secretary Karine Jean-Pierre has handed her daily briefing over to commerce secretary Gina Raimondo to showcase the Biden administration’s recent economic achievements.
“This is a very exciting day for those of us who are obsessed with and excited about chips,” she says, before going on to explain how the funds from the $52bn Chips Act will be distributed to address the global shortage of semiconductors.
Critics have painted the act is a corporate giveaway, with already successful giant corporations such as Intel benefiting from public cash.
Raimondo was keen to assert that taxpayer money would be protected, and that the act was “an incredible opportunity to unleash the next generation of American innovation”: This is not a blank check for companies. This is not for them to pad their bottom line. There are clear guardrails on this money and the department of commerce intends to be vigilant and aggressive in protecting taxpayers.
Chips funds cannot be used for stock buybacks. Chips funds are not intended to replace private capital. That is key. We’re gonna look after every nickel of taxpayer money.
“This is a very exciting day for those of us who are obsessed with and excited about chips,” she says, before going on to explain how the funds from the $52bn Chips Act will be distributed to address the global shortage of semiconductors.
Critics have painted the act is a corporate giveaway, with already successful giant corporations such as Intel benefiting from public cash.
Raimondo was keen to assert that taxpayer money would be protected, and that the act was “an incredible opportunity to unleash the next generation of American innovation”: This is not a blank check for companies. This is not for them to pad their bottom line. There are clear guardrails on this money and the department of commerce intends to be vigilant and aggressive in protecting taxpayers.
Chips funds cannot be used for stock buybacks. Chips funds are not intended to replace private capital. That is key. We’re gonna look after every nickel of taxpayer money.
