The highly touted bipartisan CHIPS and Science Act, one of the top legislative victories of President Biden’s tenure, is quietly tied to a number of diversity, equity and inclusion (DEI) initiatives that critics argue contravene the law’s objectives.
The legislation, which Biden signed in August 2022, is designed to shore up U.S. semiconductor supply chains, earmarking $52.7 billion to establish the CHIPS for America Fund, which supports private-sector investment in domestic research and manufacturing. However, according to a review of federal filings, the funding is contingent on applicants meeting a series of DEI requirements.
“If you look through the notice of funding opportunity, which is the Commerce Department’s requirements in order to get funding, there’s literally the word diversity, equity and inclusion and DEI requirements littered throughout,” said Chris Nicholson, head of research at the firm Strive Asset Management. Strive, which was founded by former presidential hopeful Vivek Ramaswamy, has more than $1 billion in assets.
www.yahoo.com/news/bidens-major-semiconductor-push-quietly-080001943.html