The bipartisan CHIPS and Science Act, signed by President Biden, is tied to diversity, equity, and inclusion initiatives, raising concerns among critics. The legislation aims to strengthen U.S. semiconductor supply chains by allocating $52.7 billion to the CHIPS for America Fund. However, federal filings reveal that funding is contingent on meeting DEI requirements, which some argue contradict the law's objectives.
The highly touted bipartisan CHIPS and Science Act, one of the top legislative victories of President Biden's tenure, is quietly tied to a number of diversity, equity and inclusion (DEI) initiatives that critics argue contravene the law's objectives. The legislation, which Biden signed in August 2022, is designed to shore up U.S. semiconductor supply chains , earmarking $52.
7 billion to establish the CHIPS for America Fund, which supports private-sector investment in domestic research and manufacturing. However, according to a review of federal filings, the funding is contingent on applicants meeting a series of DEI requirements. 'If you look through the notice of funding opportunity, which is the Commerce Department's requirements in order to get funding, there's literally the word diversity, equity and inclusion and DEI requirements littered throughout,' said Chris Nicholson, head of research at the firm Strive Asset Management. Strive, which was founded by former presidential hopeful Vivek Ramaswamy, has more than $1 billion in assets. 'Although this money is announced in some sense, it's not even going to be given,' said Nicholson, who has researched the semiconductor industry. 'That's the key here. It's not even going to be given unless , step by step, they meet, and they prove they're meeting all of these DEI requirement
CHIPS And Science Act Diversity Equity Inclusion Semiconductor Supply Chains Funding DEI Requirements
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