(Reuters) - President Donald Trump signed an executive order on Monday setting up a new entity to take over the CHIPS Act program and speed up corporate investments in the United States.

The United States Investment Accelerator within the Commerce Department will oversee implementing the CHIPS and Science Act, a 2022 law that made $52.7 billion in subsidies available for semiconductor chips manufacturing and production.

Trump has repeatedly criticized the bipartisan CHIPS Act, signed by former President Joe Biden in August 2022. Earlier in March he said U.S. lawmakers should get rid of it and instead use the proceeds to pay debt.

The new office will be responsible for "negotiating much better CHIPS Act deals than the previous administration," the White House said, without providing further details on what would be negotiated.

The Investment Accelerator will also encourage companies to make large investments in the U.S. by reducing regulatory burdens, speeding up permitting, coordinating with federal agencies and states, and increasing access to national resources, according to a fact sheet released by the White House.