Outgoing Commerce Secretary Gina Raimondo is hoping to commit $50 billion in its microchip-subsidy program before President-elect Donald Trump returns to the White House in January, Politico reported.
"I'd like to have really almost all of the money obligated by the time we leave," Raimondo told Politico. "That's the goal, and I certainly want to have all the major announcements done as it relates to the big, leading-edge companies."
During the Biden administration, Congress allocated $50 billion in subsidies for semiconductor manufacturing and research and development, but only two companies have received binding awards from the Department of Commerce's manufacturing program, Politico reported.
Raimondo would need to finalize contracts with Intel, Micron, Samsung, and SK Hynix to hit her goal, according to Politico. Raimondo has had her staff work weekends and made calls to tech CEOs to speed up negotiations, she told Politico.
She believes the CHIPS and Science Act, which passed with bipartisan support, will remain in place under a Trump presidency.
"The Commerce Department is somewhat unique in so far as everything we've done and are doing is bipartisan, and the CHIPS Act is a national security program and still has great bipartisan support to this day," Raimondo told Politico.
As Commerce Secretary, Raimondo has also been focused on safeguarding AI technology. She said she will be announcing new goals for the AI safety network before she leaves office.
"This isn't unlike other technologies, you know, nuclear technology or other technologies," Raimondo told Politico.
"There have been moments in the world's history where new technology comes forward that is so powerful that we have to get the world together to agree on guardrails and restrictions and standards so that everybody is kept safe."