The U.S. Commerce Department said Friday it is naming more than a dozen members to a team overseeing $52.7 billion in government funding to boost semiconductor manufacturing and research.
The new team members include officials with experience managing large federal programs, experts from the semiconductor industry, and executives with financial sector experience, the department said.
The department said Todd Fisher - a Commerce official who previously worked for nearly 25 years at KKR & Co. Inc - will serve as chief investment officer. Congress in August approved $52.7 billion for semiconductor manufacturing and research and cleared a 25% investment tax credit for chip plants, estimated to be worth $24 billion, and $39 billion in government semiconductor chips subsidies to build new facilities and expand existing U.S. production.
The department plans to release its first Notice of Funding Opportunity this month, a key step to beginning the process of making funding awards.
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