WASHINGTON — A group of Democrats are raising concerns as to whether companies that received federal funding for semiconductors used the money to support stock buybacks - and criticizing their own party over how the awards are given.
Raimondo has stated that CHIPS funding is not meant to pad companies' bottom lines or support stock buybacks.
But lawmakers urged her to go further, and ban stock buybacks for companies that receive CHIPS funds.
About $33 billion of funding from the CHIPS Act has been allocated, mostly to major companies.
It also said decisions on buybacks were independent from any funds released through the CHIPS Act.
Persons:
Gina Raimondo, WASHINGTON, Sen, Elizabeth Warren, Sean Casten, Bill Foster of, Pramila, Pat Gelsinger, Raimondo, Warren
Organizations:
Science, Technology, Washington , D.C, CNBC, BAE Systems, Intel, Yahoo, Finance, Microelectronics, Commerce Department
Locations:
Rayburn, Washington ,, Bill Foster of Illinois, Washington