Chip EQUIP Act

This bill says that companies receiving federal funding through the CHIPS Act — a law that provides money to boost semiconductor (computer chip) manufacturing in the United States — cannot buy certain chip-making equipment from companies owned or controlled by countries like China, Iran, North Korea, or Russia. This ban would apply for 10 years from the date a company signs its funding agreement with the Department of Commerce. However, the Department of Commerce can make exceptions in some cases, such as when the needed equipment isn't available in enough quantity or quality from the United States or friendly countries.

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