A Republican coauthor of the bipartisan law President Donald Trump used to authorize the federal government to acquire a 10% stake in tech giant Intel said Tuesday that the move violated the legislation’s original intent.
Sen. Todd Young (R-IN) criticized Trump’s use of the Biden-era Creating Helpful Incentives to Produce Semiconductors and Science Act, crafted in 2022 to boost U.S. semiconductor manufacturing, to take an equity stake in the chipmaker — worth nearly $9 billion — in exchange for unpaid federal CHIPS grants.
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