{"entity":{"id":653,"slug":"nist-chips-program-office-cpo","name":"NIST CHIPS Program Office (CPO)","type":"government_agency","role":"Department of Commerce office administering CHIPS Act funding through National Institute of Standards and Technology","description":null,"imageUrl":null,"createdAt":"2026-04-08T20:06:05.327Z","updatedAt":"2026-05-19T09:20:13.097Z"},"electedOffice":null,"significance":{"score":10.4,"components":{"totalFindings":0,"connectionDegree":6.4,"recentFindings90d":0,"activeResearchJobs":0,"goblinAttributions":4,"recentSyntheses90d":0,"moneyFlowChainsTotal":0,"closedLoopMemberships":0,"moneyFlowHopsRecent90d":0},"computedAt":"2026-10-15T01:32:54.708Z"},"facts":[{"id":34615,"text":"A December 2025 GAO report (GAO-26-107444) found the CHIPS for America Fund partially met only 4 of 9 fraud-prevention requirements and leading practices; it did not establish a dedicated antifraud entity, did not maintain program-specific risk profiles, did not document an antifraud strategy, and did not evaluate recovery audits.","confidence":"primary","dateOccurred":"2025-12-04","source":{"title":"FEDERAL AWARDS: Selected Programs Did Not Fully Include Identified Practices to Enhance Oversight and Fraud Prevention (GAO-26-107444)","url":"https://files.gao.gov/reports/GAO-26-107444/index.html","publication":"U.S. Government Accountability Office"}},{"id":34613,"text":"In August 2025, Lutnick announced plans to convert the remaining $5.7 billion in Intel CHIPS Act grants into a non-voting government equity stake, a policy shift from grants to equity investments.","confidence":"secondary","dateOccurred":"2025-08-19","source":null},{"id":34611,"text":"Bill Frauenhofer, former Global Head of Semiconductor Investment Banking and Head of West Coast Technology Investment Banking at Morgan Stanley, was appointed CPO Director on July 28, 2025.","confidence":"primary","dateOccurred":"2025-07-28","source":{"title":"U.S. Department of Commerce Appoints Bill Frauenhofer as Director of CHIPS Program Office","url":"https://www.nist.gov/news-events/news/2025/07/us-department-commerce-appoints-bill-frauenhofer-director-chips-program","publication":"NIST"}},{"id":34612,"text":"By June 2025, Commerce Secretary Howard Lutnick announced the Trump administration was renegotiating some Biden-era CHIPS Act grants, stating some awards 'just seemed overly generous' and may be axed.","confidence":"secondary","dateOccurred":"2025-06-05","source":{"title":"Trump renegotiating CHIPS Act grants - putting billions for Intel, others in question","url":"https://www.dispatch.com/story/business/2025/06/05/president-trump-is-renegotiating-chips-and-science-act-intel-at-risk/84047917007/","publication":"Reuters / The Columbus Dispatch"}},{"id":34610,"text":"The office grew to approximately 150 employees by early 2025; in March 2025, roughly 80% (approximately 120 staff) were dismissed or resigned under Trump administration cuts led by DOGE.","confidence":"secondary","dateOccurred":"2025-03-15","source":{"title":"Exclusive: CHIPS Office hit by 80% staff cut amid policy shift, Korean American official resigns","url":"https://www.chosun.com/english/industry-en/2025/03/31/E7Q62CYPFRGZHCTWX5A3V34WXI/","publication":"The Chosun"}},{"id":34609,"text":"Former President Biden's Commerce Department made CHIPS Act incentive awards totaling $32.5 billion to 32 companies; 95% was finalized in binding contracts between Commerce and 19 companies, with the remaining 13 companies signing non-binding preliminary memorandums of terms (PMTs).","confidence":"secondary","dateOccurred":"2025-01-15","source":{"title":"Sunshine Week: Who's Benefiting from the CHIPS & Science Act?","url":"https://goodjobsfirst.org/sunshine-week-whos-benefiting-from-the-chips-science-act/","publication":"Good Jobs First"}},{"id":34608,"text":"Under Schmidt's leadership, the CPO executed 20 final award agreements totaling $34 billion, unlocking more than $450 billion in total investment in U.S. chip production.","confidence":"secondary","dateOccurred":"2025-01-15","source":null},{"id":34616,"text":"The Commerce OIG found in May 2024 (OIG-24-023-I) that NIST surpassed its hiring goals for the CHIPS program but did not develop a comprehensive workforce plan to meet its human capital needs.","confidence":"primary","dateOccurred":"2024-05-20","source":{"title":"NIST Surpassed Hiring Goals for CHIPS But Did Not Develop a Comprehensive Workforce Plan (OIG-24-023-I)","url":"https://www.oig.doc.gov/audits-and-evaluations/?entry=8605","publication":"Office of Inspector General, U.S. Department of Commerce"}},{"id":34614,"text":"The CHIPS Act's statutory language (15 U.S.C. § 4652) shields information submitted by covered entities from FOIA disclosure, providing that such information 'shall not be made public.' Both preliminary memorandums of terms and final contracts are closely guarded.","confidence":"primary","dateOccurred":"2023-05-15","source":{"title":"Handling of Confidential Information","url":"https://www.nist.gov/chips/handling-confidential-information","publication":"NIST CHIPS Program Office"}},{"id":34617,"text":"The CPO's chief investment officer, Todd Fisher, was a 30-year KKR veteran; senior relationship director Brad Koenig was a former Goldman Sachs senior partner and global head of technology investment banking; chief economist Dan Kim was formerly a VP at SK Hynix and economist at Qualcomm.","confidence":"primary","dateOccurred":"2023-02-17","source":{"title":"U.S. Department of Commerce Announces CHIPS for America Leaders and Staff","url":"https://www.nist.gov/news-events/news/2023/02/us-department-commerce-announces-chips-america-leaders-and-staff","publication":"NIST"}},{"id":34607,"text":"Michael Schmidt, a former Treasury official who managed the Child Tax Credit program and previously served as New York State Department of Taxation and Finance Commissioner, was the inaugural CPO Director from September 2022 to January 2025.","confidence":"primary","dateOccurred":"2022-09-15","source":{"title":"Biden-Harris Administration Announces CHIPS for America Leadership","url":"https://www.commerce.gov/news/press-releases/2022/09/biden-harris-administration-announces-chips-america-leadership","publication":"U.S. Department of Commerce"}},{"id":34606,"text":"The CHIPS Program Office was established in September 2022, housed within NIST at the Department of Commerce, to administer the $52.7 billion CHIPS and Science Act — $39 billion for semiconductor manufacturing incentives and $13.2 billion for R&D and workforce development.","confidence":"primary","dateOccurred":"2022-09-15","source":{"title":"Biden-Harris Administration Announces CHIPS for America Leadership","url":"https://www.commerce.gov/news/press-releases/2022/09/biden-harris-administration-announces-chips-america-leadership","publication":"U.S. Department of Commerce"}},{"id":34618,"text":"The CHIPS and Science Act of 2022 was enacted August 9, 2022 (Pub. L. 117-167). Its centerpiece is $39 billion in grants for semiconductor factories, with $11 billion for R&D and workforce development, plus a 25% investment tax credit.","confidence":"primary","dateOccurred":"2022-08-09","source":{"title":"Biden-Harris Administration Announces CHIPS for America Leadership","url":"https://www.commerce.gov/news/press-releases/2022/09/biden-harris-administration-announces-chips-america-leadership","publication":"U.S. Department of Commerce"}},{"id":16231,"text":"Search scope note: No sec filings found for \"NIST CHIPS Program Office (CPO)\" in automated database search as of 2026-04-13. This reflects search coverage limits, not confirmed absence from public record.","confidence":"secondary","dateOccurred":null,"source":null}],"connections":[{"id":16762,"relationshipType":"indirect funding exposure","description":"The CHIPS and Science Act (2022) creates potential indirect federal funding exposure for Hanmi Semiconductor as a foreign semiconductor equipment supplier whose equipment may be purchased by U.S. fabs receiving CHIPS Act subsidies.","confidence":"inferential","firstDocumented":"2022","lastDocumented":null,"other":{"id":20,"name":"Hanmi Semiconductor","slug":"hanmi-semiconductor","type":"company"}},{"id":16443,"relationshipType":"personnel_link","description":"CPO's chief investment officer Todd Fisher was a 30-year KKR veteran before joining the office.","confidence":"primary","firstDocumented":"2022","lastDocumented":null,"other":{"id":8897,"name":"KKR (Kohlberg Kravis Roberts)","slug":"kkr-kohlberg-kravis-roberts","type":"company"}},{"id":16442,"relationshipType":"governing_legislation","description":"The CHIPS Program Office was established in September 2022, housed within NIST at the Department of Commerce, to administer the $52.7 billion CHIPS and Science Act — $39 billion for semiconductor manufacturing incentives and $13.2 billion for R&D and workforce development.","confidence":"primary","firstDocumented":"2022","lastDocumented":null,"other":{"id":9991,"name":"CHIPS Act","slug":"chips-act","type":"instrument"}},{"id":16441,"relationshipType":"oversight","description":"A December 2025 GAO report (GAO-26-107444) found the CHIPS for America Fund partially met only 4 of 9 fraud-prevention requirements and leading practices.","confidence":"primary","firstDocumented":"2025","lastDocumented":null,"other":{"id":611,"name":"Government Accountability Office","slug":"government-accountability-office","type":"government_agency"}},{"id":16440,"relationshipType":"oversight","description":"In March 2025, approximately 80% of CPO staff (approximately 120 people) were dismissed or resigned under Trump administration cuts led by DOGE.","confidence":"primary","firstDocumented":"2025","lastDocumented":null,"other":{"id":91,"name":"Department of Government Efficiency (DOGE)","slug":"department-of-government-efficiency-doge","type":"instrument"}},{"id":11467,"relationshipType":"staff_origin","description":"Current CPO Director Bill Frauenhofer was Morgan Stanley's Global Head of Semiconductor Investment Banking before his July 2025 appointment.","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":510,"name":"Morgan Stanley Smith Barney LLC","slug":"morgan-stanley-smith-barney-llc","type":"company"}},{"id":11466,"relationshipType":"staff_origin","description":"Senior Relationship Director Brad Koenig was a Goldman Sachs senior partner and head of Global Technology Investment Banking (1984-2005). White House CHIPS Coordinator Ronnie Chatterji was a former Goldman Sachs financial analyst.","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":9013,"name":"Goldman Sachs","slug":"goldman-sachs","type":"organisation"}},{"id":11462,"relationshipType":"employment","description":"Commerce Secretary Howard Lutnick (confirmed February 2025) appointed Bill Frauenhofer as CPO director and initiated the renegotiation of Biden-era CHIPS Act awards, converting Intel grants to equity.","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":9791,"name":"Howard Lutnick","slug":"howard-lutnick","type":"person"}},{"id":9884,"relationshipType":"international_cooperation","description":"MOTIE coordinates with NIST CHIPS Program Office on semiconductor manufacturing initiatives and technology standards","confidence":"primary","firstDocumented":"2024","lastDocumented":null,"other":{"id":667,"name":"Ministry of Trade, Industry and Energy (MOTIE)","slug":"ministry-of-trade-industry-and-energy-motie","type":"government_agency"}},{"id":9874,"relationshipType":"employment","description":"Secretary of Commerce overseeing NIST, which houses the CHIPS Program Office","confidence":"primary","firstDocumented":"2021","lastDocumented":null,"other":{"id":654,"name":"Gina Raimondo","slug":"gina-raimondo","type":"person"}},{"id":9880,"relationshipType":"industry_coordination","description":"Major semiconductor manufacturer subject to CHIPS Act implementation and coordination overseen by NIST CPO","confidence":"secondary","firstDocumented":"2022","lastDocumented":null,"other":{"id":8899,"name":"Samsung Electronics","slug":"samsung-electronics","type":"company"}},{"id":9879,"relationshipType":"industry_coordination","description":"Major semiconductor manufacturer subject to CHIPS Act implementation and coordination overseen by NIST CPO","confidence":"secondary","firstDocumented":"2022","lastDocumented":null,"other":{"id":8901,"name":"Intel Corporation","slug":"intel-corporation","type":"company"}},{"id":9878,"relationshipType":"industry_coordination","description":"Major semiconductor manufacturer subject to CHIPS Act implementation and coordination overseen by NIST CPO","confidence":"secondary","firstDocumented":"2022","lastDocumented":null,"other":{"id":8900,"name":"Taiwan Semiconductor Manufacturing Company (TSMC)","slug":"taiwan-semiconductor-manufacturing-company-tsmc","type":"company"}},{"id":9877,"relationshipType":"industry_coordination","description":"Major semiconductor equipment manufacturer subject to CHIPS Act coordination and export control frameworks overseen by NIST CPO","confidence":"secondary","firstDocumented":"2022","lastDocumented":null,"other":{"id":666,"name":"ASML","slug":"asml","type":"company"}},{"id":9876,"relationshipType":"oversight","description":"BIS coordinates with NIST on semiconductor technology export controls and CHIPS Act implementation","confidence":"secondary","firstDocumented":"2022","lastDocumented":null,"other":{"id":644,"name":"Bureau of Industry and Security (BIS)","slug":"bureau-of-industry-and-security-bis","type":"government_agency"}},{"id":9875,"relationshipType":"oversight","description":"Subject to CHIPS Act oversight and export controls administered through agencies coordinating with NIST CPO","confidence":"secondary","firstDocumented":"2022","lastDocumented":null,"other":{"id":643,"name":"Applied Materials Korea (AMK)","slug":"applied-materials-korea-amk","type":"company"}}],"contradictions":[],"permalink":"https://www.goblinhouse.net/entity/nist-chips-program-office-cpo","timelineUrl":"https://www.goblinhouse.net/entity/nist-chips-program-office-cpo/timeline"}