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.
Companies winning funding are also prohibited from using chips funds for dividends or stock buybacks, and must provide details of any plans to buy back their own shares over five years.
Democratic lawmakers have noted the largest U.S. semiconductor companies have poured hundreds of billions into stock buybacks in recent years, with IntelCommerce Secretary Gina Raimondo said companies must submit a workforce 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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