The Trump administration has laid off about one-third of the employees overseeing the $39 billion CHIPS Act, which funds domestic semiconductor manufacturing, Reuters reported.
On Monday at 2 p.m. ET, around 40 staff members received emails notifying them of their termination, with their roles ending within hours. Another 20 employees exited under a deferred resignation program, while Chief Investment Officer Todd Fisher resigned last week in a planned departure.
The Commerce Department has not commented on the layoffs, which come as the administration seeks to renegotiate CHIPS Act awards and has signaled delays in semiconductor funding disbursements.
The CHIPS Act, launched under the Biden administration, provides $39 billion in grants, tax credits, and loans to support U.S. chip production and reduce dependence on Asian manufacturers. Companies benefiting from the program include Taiwan Semiconductor Manufacturing (TSM, Financial), Intel (INTC, Financial), GlobalFoundries (GFS, Financial), Entegris (ENTG, Financial), and Micron Technology (MU, Financial).
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