Why the White House Went to Wall Street to Revive the U.S. Chips Industry

News Snapshot:

To revive the U.S. chip industry, the Biden administration has launched one of the most significant acts of government intervention since World War II—and it is relying on masters of the free market to deliver thegoods. Since the passage of the bipartisan Chips and Science Act last summer, the Commerce Department has been quietly buildinga small team of elite Wall Street financiers to help allocate $39 billion in taxpayer-funded manufacturing subsidies and other incentives to hundreds of companies. The team members call it a startup within the government. The roughly three dozen professionals range in age from 23 to 64,...