US Semiconductor Support Act Execution Preparation 'Accelerates'... Formation of Interagency Team

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The Biden administration in the United States has formed a team to execute and oversee the disbursement of funds under the CHIPS Act, aimed at countering China and revitalizing the domestic semiconductor industry.

According to the White House on the 20th (local time), Aaron Roni Chatterjee, Chief Economist at the U.S. Department of Commerce, will serve as the coordinator for the implementation of the CHIPS Act within the White House National Economic Council (NEC) and manage the related implementation coordination committee. The White House introduced that he will work closely and coordinate with the U.S. National Security Council (NSC), Office of Science and Technology Policy (OSTP), Department of Commerce, and others.

The United States is preparing procedures to provide subsidies to companies building semiconductor manufacturing or research facilities domestically, based on the CHIPS Act passed by Congress in July and signed by President Biden last month. The total amount is $52.7 billion (approximately 73.5 trillion KRW). U.S. Secretary of Commerce Gina Raimondo recently announced in an execution plan that disbursement is expected as early as next spring, with a group of about 50 experts reviewing the process.

In addition to Chief Chatterjee, Michael Schmidt, Senior Advisor at the U.S. Treasury Department, will serve as the director of the CHIPS Act program office, and Derek Lin, director of the Materials Measurement Laboratory at the National Institute of Standards and Technology (NIST), will serve as the interim director for CHIPS Act research and development (R&D). The team also includes a senior advisor who has worked at Apple and has startup experience.

Secretary Raimondo stated, "After drafting a thoughtful and comprehensive outline for 'CHIPS for America,' we are wasting no time in bringing together experts and leaders who can efficiently carry out this work," adding, "This team will focus on establishing and implementing a large-scale program based on decades of experience each member has accumulated in government, industry, and R&D sectors."

This content was produced with the assistance of AI translation services.