U.S. gov't seizes $7.4 billion semiconductor research fund created under Biden admin, calling it 'illegal' -- Lutnick say

[Yo_Mama_Been_Loggin]

The U.S. Commerce Department has seized control of a $7.4 billion semiconductor research fund from the National Center for the Advancement of Semiconductor Technology (NATCAST), a private non-profit set up during the Biden administration, as per Reuters. Describing it as a "slushfund," for ex-Biden admin officials, the Commerce Department promised greater oversight and accountability for where the funds are being spent but didn't provide any further detail.

One of the defining investments of the Biden administration was the CHIPS Act, which authorized close to $300 billion in investments to encourage the design, development, and manufacturing of cutting-edge semiconductors in the United States. The creation of NATCAST was a part of that, with $11 billion allocated for it to establish a range of research centers around chip design.

The Trump administration's Commerce Department wants to bring this non-profit under its umbrella of control, though, and has announced it will be taking over a large portion of the organization's funds moving forward.

“From the very beginning NATCAST served as a semiconductor slush fund that did nothing but line the pockets of Biden loyalists with American tax dollars,” Commerce Secretary Howard Lutnick said in the statement. He's recently heralded a serious change in the way the U.S. handles its technology investments and grants.

https://www.yahoo.com/news/articles/u-govt-seizes-7-4-111929245.html

The US has a 10% ownership in Intel thanks to Trump. Guess Nutlick wants to play looky over there.

[orangecrush]

1. Grift of the century in progress

[elleng]

2. Any sentence containing 'Lutnick say'

gets an ignore from me!

[AZJonnie]

3. The part he forgot to say

"In a new, radically different direction, moving forward, NATCAST will serve as a semiconductor slush fund that does nothing but line the pockets of Trump loyalists with American tax dollars"

[progressoid]

4. And where does that money go to now?

[Solly Mack]

5. A thief by any other name

[BoRaGard]

6. Grifty, grifty, grifty (r)

That big bucket of cash is too damn tempting for the repube grifters.