US Commerce voids Biden's $7.4 billion semiconductor research grant deal

WASHINGTON (Reuters) -The U.S. Commerce Department said on Monday that one of its agencies will take over operational responsibility to oversee $7.4 billion in semiconductor research funds, saying that the private non-profit established under the Biden administration to handle that function "served as a semiconductor slush fund." The National Institute of Standards and Technology will assume operational responsibility for the National Semiconductor Technology Center, a public-private consortium established under Democratic President Joe Biden, from the National Center for the Advancement of Semiconductor Technology (Natcast). The department said the Biden administration illegally created Natcast, and as a result the agreement granting the organization up to $7.4 billion in taxpayer money is invalid.