Raimondo To Deliver Speech On "Long Term Goals" For CHIPS Tomorrow

Commerce Secretary Gina Raimondo will deliver a speech tomorrow in Georgetown, Washington, D.C. on the “long-term goals” on the CHIPS and Science Act and outline funding opportunities for the USD$40 billion provided by the legislation.

• According to the Commerce Department, “Raimondo will outline the historic opportunity provided by the CHIPS and Science Act and the long-term goals she has set for the program to solidify America's technology and innovation leadership while protecting America’s economic and national security.”
• The speech comes as the Biden administration seeks to stress that the CHIPS and Science Act funding is motivated by national security, rather than propping up struggling chipmakers.
• Raimondo: “I expect there will be many disappointed companies who feel that they should have a certain amount of money. The reality is the return on our investment here is the achievement of our national-security goal."
• Raimondo: “The purpose of this legislation isn’t to subsidize companies because they’re struggling in a cyclical downturn. It isn’t to help companies necessarily become more profitable in America.”