India, July 30 -- The U.S. Department of Commerce announced the hiring of Bill Frauenhofer as the Director of the CHIPS Program Office. Mr. Frauenhofer will assume leadership over the implementation of $39 billion in semiconductor manufacturing incentives under the CHIPS and Science Act.

In this role, he will advance the CHIPS Program Office into a new era as it delivers much better deals than the previous administration for the U.S. taxpayer. CHIPS continues its critical work investing in the domestic semiconductor industry and rebuilding resilience across the semiconductor supply chain.

Frauenhofer transitions to federal civil service with an impressive 30-year career in investment banking, with significant expertise in the semiconduc...