Companies winning funding are also prohibited from using chips funds for dividends or stock buybacks, and must provide details of any plans to buy back their own shares over five years.
Democratic lawmakers have noted the largest U.S. semiconductor companies have poured hundreds of billions into stock buybacks in recent years, with IntelCommerce Secretary Gina Raimondo said companies must submit a workforce 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."
The subsidies are to move capital-intensive chip fabs onshore to the US under trusted US companies for national security purposes. Their cost of manufacture and resulting price for chips will be higher than those produced in Asia. Doubt excess profits will be an issue.
I'm not a politician but this crazy law upsets me. America is too selfish. I'm not a fortune-teller, but I'll pray to curse America.
Welcome to Democrat-run businesses. Will be dysfunctional from corruption in a decade.
A camel is a race horse designed by Congress.
chip making should not have anything to do with kids. but biden is trying to connect those.
Yea cause THAT’S gonna happen 😂😂😂😂😂😂😂
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.