Biden authorized $52 billion to rebuild the U.S. semiconductor industry one year ago today. Mike Schmidt is the guy charged with doling out the money. As director of the Commerce Department’s CHIPS Program Office, he manages the national security and finance experts picking the projects that will get a boost from taxpayers. On today’s episode, Schmidt lays out the agency’s vetting process — even as some questions remain unanswered, like how the U.S. and its allies will prevent a subsidies war. 

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