Biden to require chips companies winning subsidies to share excess profits

Commerce expects "upside sharing will only be material in instances where the project significantly exceeds its projected cash flows or returns, and will not exceed 75% of the recipient’s direct funding award."

Democratic lawmakers have noted that the largest U.S. semiconductor companies have poured hundreds of billions of dollars into stock buybacks in recent years, with IntelCommerce Secretary Gina Raimondo said companies must submit a plan that includes an outline of workforce needs. Applicants seeking more than $150 million in direct funding must submit "a plan for how they will provide affordable and accessible childcare for their workers.

Applicants should also "create opportunities for minority owned, veteran-owned, and women-owned businesses; demonstrate climate and environmental responsibility; invest in their communities by addressing barriers to economic inclusion; and commit to using iron, steel, and construction materials produced in the United States."

"We're going to be doing our own diligence. We're not writing blank checks to any company that asks," Raimondo said. "We're making companies open their books."

Sounds like the government will be a major partner in the 'private' business. There should be a name for this kind of government 🤔.

So, it's going to be partially government-owned. Hmmmm.

Share excess profits as part of the deal of accepting government funds 😂😂😂😂😂 Then all these semiconductor companies will need an excellent financial team to make a good table. Wow, so many new jobs will be created again.

Anyone know how they’re calculating “excess profits”?

ó o colunismo aí gaiofact kkkkkkk

Lmfaooooooo socialism.

Hopefully, that goes for Amazon too!

Morris Chang, Founder of Taiwan Semiconductor Manufacturing Co Ltd: - TSMC has fallen into the 'trap' of the US - US plans for the semiconductor manufacturing industry were “incredibly naïve'

What about oil companies that get huge subsidies and gain obscene profits?

Public-private partnerships are the best! 💪🤑💪

what are 'excess profits'

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US to require companies winning chipmaking subsidies to share excess profitsThe Biden administration on Tuesday said it will require companies winning funds from its $52 billion U.S. semiconductor manufacturing and research program to share excess profits and explain how they plan to provide affordable childcare. the famous superGreenPass, is famous. while the cores are in the lobes. And we don't need the AI, cause it's already a part of the Brain. Yea cause THAT’S gonna happen 😂😂😂😂😂😂😂 chip making should not have anything to do with kids. but biden is trying to connect those.
Source: Reuters - 🏆 2. / 97 Read more »