Lawmakers press U.S. Commerce for tougher checks on semiconductor chip subsidies

FILE PHOTO: U.S. Senator Elizabeth Warren (D-MA) speaks to reporters about codifying gay marriage on Capitol Hill in Washington, U.S., September 15, 2022. REUTERS/Evelyn Hockstein

WASHINGTON (Reuters) - A group of Democratic lawmakers wants the U.S. Commerce Department to take additional steps to ensure semiconductor companies do not use government subsidies to conduct stock buybacks.

In August, President Joe Biden signed legislation providing $52 billion in government funding to boost semiconductor manufacturing and research and a 25% investment tax credit for chip plants estimated to be worth $24 billion.