Trump sets up new office to speed up investments in US

By Diyar Guldogan

WASHINGTON (AA) - US President Donald Trump signed an executive order Monday to establish an office to speed up investments in the country.

The office within the Commerce Department, called the United States Investment Accelerator, will facilitate and accelerate investments above $1 billion in the US.

According to the order, the office aims to reduce regulatory burdens, increase access to national resources, and facilitate collaboration with national laboratories and state governments.

"The Investment Accelerator shall be responsible for the CHIPS Program Office within the Department of Commerce, which shall focus on delivering the benefit of the bargain for taxpayers by negotiating much better deals than those of the previous administration," it said.

Trump has frequently criticized former President Joe Biden's $52 billion semiconductor subsidy program, calling the bipartisan CHIPS Act a "horrible thing."