The Biden administration on Tuesday said it will require companies winning funds from its $52 billion U.S. semiconductor manufacturing and research program to share excess profits and explain how they plan to provide affordable childcare.
Commerce expects "upside sharing will only be material in instances where the project significantly exceeds its projected cash flows or returns, and will not exceed 75% of the recipient’s direct funding award."
Democratic lawmakers have noted that the largest U.S. semiconductor companies have poured hundreds of billions of dollars into stock buybacks in recent years, with IntelCommerce Secretary Gina Raimondo said companies must submit a plan that includes an outline of workforce needs. Applicants seeking more than $150 million in direct funding must submit "a plan for how they will provide affordable and accessible childcare for their workers.
Applicants should also "create opportunities for minority owned, veteran-owned, and women-owned businesses; demonstrate climate and environmental responsibility; invest in their communities by addressing barriers to economic inclusion; and commit to using iron, steel, and construction materials produced in the United States."
"We're going to be doing our own diligence. We're not writing blank checks to any company that asks," Raimondo said. "We're making companies open their books."
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