US Investment Accelerator will oversee the semiconductor production boosting law signed in to law in August 2022

Donald Trump signed an executive order on Monday setting up a new entity to take over the Chips Act program and speed up corporate investments in the US.

The United States Investment Accelerator within the commerce department will oversee implementing the Chips and Science Act, a 2022 law that made $52.7bn in subsidies available for semiconductor chips manufacturing and production.