Trump Creates Investment Office to Oversee Chips Act Funds

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(Bloomberg) — President Donald Trump signed an executive order to establish an office within the Commerce Department to facilitate and speed up investments of more than $1 billion in the US and administer federal funds from the Chips and Science Act.

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The order, signed Monday, creates the United States Investment Accelerator to encourage companies to make large investments in the US, with an eye to reducing regulations, speeding up permitting, increasing access to national resources and facilitating collaboration across national laboratories and state governments. 

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“The Investment Accelerator will be responsible for administering the CHIPS Program Office, where it will deliver the benefit of the bargain for taxpayers, negotiating much better CHIPS Act deals than the previous Administration,” the White House said in a fact sheet.

Trump has been a critic of the Chips Act signed by his predecessor, Joe Biden, which offered billions in subsidies and incentives to boost domestic semiconductor production, in a bid to reduce US reliance on Asia for the electronic components that power everything from smart phones to data centers.

The bipartisan $52 billion semiconductor subsidy program has spurred more than $400 billion in investments from companies like Taiwan Semiconductor Manufacturing Co. and Intel Corp., but Trump has argued that his approach of tariffs and reduced regulations would be better at drawing those investments to the US.

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During an address to a joint session of Congress earlier this month, Trump called on lawmakers to get rid of the law and use whatever funds were “left over” to “reduce debt” or take other actions. The president has hailed plans by TSMC to invest $100 billion in the US — on top of a previous $65 billion commitment — as proof his tariff-heavy economic agenda is working.

Monday’s executive action comes two days before Trump is set to unveil sweeping reciprocal tariffs on other nations in a bid to counter the barriers they impose on US products. The president has also vowed duties are coming on specific industries soon, including semiconductors and pharmaceutical drugs. He’s already leveled import taxes on autos, steel and aluminum.

The new Commerce Department office also follows Trump’s pledge after the 2024 election to help expedite permits for any person or company that invests at least $1 billion in the US, in line with an agenda that aims to bolster energy infrastructure and other domestic improvements.

Such an effort, though, to fast-track permits faces potential hurdles at the state and local level.

(Updates with additional details, background)

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