A Monday executive order from President Donald Trump seeks to establish a new government office to assist companies looking to invest more than $1 billion in growing their business in the U.S.
Burdensome government regulations impede both domestic and foreign business expansion, according to the order, and the office, designated the “United States Investment Accelerator,” is meant to help with that.
“It is in the interest of the American people that the Federal Government dramatically expand its assistance to companies seeking to invest and build in the United States,” the order reads.
The office is to be housed within the Department of Commerce and will help investors of more than $1 billion “navigate… regulatory processes efficiently, reduce regulatory burdens” as much as possible and make “national resources” more accessible “where appropriate and consistent with applicable law.”
The order also stipulates the office is to “facilitate research collaborations with our national labs and work with state governments in all 50 states to reduce regulatory barriers to, and increase, domestic and foreign investment in the United States.”
The order also tasks the office with overseeing the CHIPS program established under President Joe Biden and “negotiating much better deals” than his administration.
A number of companies have committed to a combined total of more than $3 trillion in American investment since Trump took office in January, including Apple for $500 billion and the world’s largest semiconductor chip manufacturer for $100 billion.
Trump has said the administration has secured verbal commitments from others putting total private investment at $5 trillion “very soon.”
