Inside the CHIPS Act: Industrial policy, national security and building a ‘startup within government’

On this episode, Watson School dean and economist John Friedman spoke with Todd Fisher, a 1987 graduate of Brown University, about the inner workings and long-term effects of the CHIPS and Science Act. Fisher served as Chief Investment Officer of the White House's CHIPS Program Office from January 2023 to March 2025, and currently serves on the Watson School’s Board of Governors.

The Act, which was passed under President Biden, provided unprecedented government subsidies to the United States semiconductor manufacturing industry, reimagined how government can support private industry, and offered lessons for anyone interested in how to make government work more efficiently.

John and Todd discuss the main opportunities and challenges the CHIPS Office faced, how the office’s approach differed from previous models of public-private partnership, and what it was like trying to, as Todd describes, build a “startup within government.” They also discuss his current role as Senior Director of Strategic Initiatives and Economic Opportunity in the office of New Jersey Governor Mikie Sherrill.

Read more about the CHIPS Program and Fisher’s work at the “Factory Settings” Substack.

Watch this conversation on our YouTube Channel.