For years the titans of finance have argued Wall Street could spend money more efficiently than the government can. Now a handful of bankers will get the chance to see if they’re right.
Deep inside the Commerce Department, Secretary Gina Raimondo has pulled together a team including former executives from Goldman Sachs Group Inc. and KKR & Co. to divvy up about $100 billion worth of subsidies and loan guarantees the government has set aside to turn the US back into a semiconductor powerhouse. The tiny electronic components that run everything from electric vehicles to nuclear missiles are at the center of a geopolitical struggle between Washington and Beijing.
Commerce hasn’t given out any money yet, and the first hints of who might get it aren’t expected until later this year, according to people close to the effort, even as political pressure for results grows. The team has had to confront the limits of its leverage over powerful chip giants with global reach in an industry where new factories easily cost $20 billion or more.
The Chips Program Office now has more than 130 staff, administering the largest US government investment in industry since World War II. It includes a 45-person strategy side pulling mostly from the public sector, with expertise in things like national security and workforce development, plus an investment arm with some 33 financial experts. It’s already received more than 500 expressions of interest and 100 full and preliminary applications.
The process is structured as an open competition among all comers, but in fact only a few major companies are realistic contenders for the biggest grants for their ‘fabs,’ the massive plants that make the most advanced chips.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Woman Shares Her Wacky Maximalist Bedroom Design, Receives Mixed Reactions OnlineThis is my keyboard wall, and my other keyboard wall.
Read more »
Kerry Washington Discovered That Her Dad Isn’t Her Biological Father: ‘Turned My World Upside Down’Kerry Washington is opening up about a shocking discovery she made about her parents. In her upcoming memoir, Thicker Than Water, the former 'Scandal' star reveals that her father isn't actually her biological father, something she discovered after participating in a celebrity genealogy TV show. 'It really turned my world upside down.' As Washington told People,…
Read more »
Buffalo Bills defence overwhelms with five turnovers in rout of Washington CommandersJosh Allen threw and ran for a touchdown, Buffalo's defense forced five turnovers and the Bills won their second in a row after a rough season opener, routing Washington 37-3 Sunday to hand the Commanders their first loss of the year.
Read more »
Kerry Washington Felt Lost Until Discovering Her Dad Was Not Her Biological FatherThe 'Scandal' star explained how the family secret turned her world 'upside down' while promoting her new memoir, 'Thicker Than Water.'
Read more »
Atlanta Braves win 100th game; split doubleheader with Washington NationalsSpencer Strider earned his major league-leading 19th win and the Atlanta Braves got their 100th victory of the season Sunday night by defeating the Washington Nationals 8-5 for a doubleheader split.
Read more »
Molotov cocktails thrown at Cuban embassy in Washington(Reuters) - An assailant attacked the Cuban embassy in Washington with two Molotov cocktails on Sunday night, Cuba's Foreign Minister Bruno Rodriguez ...
Read more »