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U.S. gov't seizes $7.4 billion semiconductor research fund created under Biden admin, calling it 'illegal' | Lutnick says fund 'served as a semiconductor slush fund that did nothing but line the pockets of Biden loyalists with American tax dollars'
Despite allusions to nepotism and corruption, the Commerce Department hasn't made clear what it wants to do with the newly clawed-back funds.
Describing it as a "slushfund," for ex-Biden admin officials, the Commerce Department promised greater oversight and accountability for where the funds are being spent, but didn't provide any further detail. The Trump administration's Commerce Department wants to bring this non-profit under its umbrella of control, though, and has announced it will be taking over a large portion of the organization's funds moving forward. You may like The Commerce Department statement also described NATCAST as an "effort to skirt clear legal restrictions prohibiting government agencies from establishing corporations," and that it was full of "former Biden officials," making some generalized allusions to nepotism and corruption.
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