The Commerce Department said Monday it will take control of $7.4 billion in semiconductor research funds, saying that the private nonprofit established under the Biden administration “served as a semiconductor slush fund.”

The National Institute of Standards and Technology is set to assume oversight of the National Semiconductor Technology Center, a public-private consortium created under the CHIPS and Science Act of 2022, which was signed by Joe Biden.

The act authorized the Commerce Department to establish the NSTC, with the National Center for the Advancement of Semiconductor Technology, a nonprofit, designated in 2023 to operate it.

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