Chip EQUIP Act

This bill says that companies receiving federal funding from the CHIPS Act — a law passed in 2022 to boost semiconductor manufacturing in the United States — cannot buy certain semiconductor manufacturing equipment made by companies tied to China, Iran, North Korea, or Russia. This rule would apply for 10 years from the date a funding agreement is signed. The Department of Commerce would be in charge of enforcing these rules but could grant exceptions in some cases, such as when the needed equipment is not available in sufficient quantity or quality from the United States or allied countries.

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