Federal Reports

SEC Investigative Summary 25-0015

Final Management Letter: Potential Opportunity to Consolidate the SEC’s
Disclosure Review Information Technology Systems

Over recent decades, the United States has seen a decline in its leadership in semiconductor chip manufacturing and research. To counter this and strengthen domestic semiconductor production and innovation, Congress passed the CHIPS Act of 2022.

The CHIPS Act provides $50 billion to the Department of Commerce to support semiconductor research, development, innovation, and manufacturing, along with authorization for up to $75 billion in direct loans and loan guarantees. The National Institute of Standards and Technology (NIST) oversees the Department’s CHIPS program.

This report provides the status of CHIPS Act programs for the period August 9, 2022, to January 31, 2025, and makes no recommendations. It describes the actions taken by the CHIPS Program Office (CPO) and the CHIPS Research and Development Office CRDO), which are the two NIST offices responsible for implementing the semiconductor incentive programs and research and development initiatives, respectively.

As of January 31, 2025, CPO has made 20 awards for up to $33.7 billion in direct funding and up to $5.5 billion in loans, and CRDO has awarded almost $8.3 billion to operate the National Semiconductor Technology Center and to fund research projects to bring new CHIPS technology to the commercial market.