President Donald Trump signed an executive order on Monday establishing the United States Investment Accelerator under the Commerce Department. This new office is tasked with overseeing the implementation of the CHIPS and Science Act and expediting corporate investments in U.S. semiconductor manufacturing.
Originally signed into law by President Joe Biden in August 2022, the CHIPS Act allocates $52.7 billion in subsidies to boost domestic chip production and reduce reliance on foreign suppliers. Despite previously criticizing the bipartisan law, Trump now aims to reform its execution by "negotiating much better CHIPS Act deals than the previous administration," according to a statement from the White House.
The White House did not disclose specific details about what aspects of the CHIPS Act will be renegotiated. However, the newly launched Investment Accelerator will work to attract major investments by streamlining federal permitting processes, cutting regulatory red tape, coordinating with state governments, and increasing access to federal resources.
In early March, Trump had called on lawmakers to eliminate the CHIPS Act entirely and use the funds to reduce national debt. His recent executive order marks a shift in approach, emphasizing reform over repeal.
By reshaping how the CHIPS Act is managed, the Trump administration seeks to strengthen U.S. leadership in semiconductor manufacturing—a sector vital to national security and economic competitiveness. The initiative aims to create a more business-friendly environment to encourage companies to build chip fabrication plants on American soil.
The announcement comes amid growing global competition in the semiconductor industry, as nations race to secure their supply chains and technological independence. Trump's move signals a renewed push to bring high-tech manufacturing jobs back to the U.S., aligning with broader efforts to reindustrialize the economy.