"By suing the board of Intel and the U.S. government, shareholders in the chipmaker have defied the Trump administration. They claim the government had no right to demand equity in exchange for grants made to Intel during the Biden administration under the Chips Act to boost the semiconductor industry," writes CFR expert Laura Taylor-Kale for @FT. Supply chain resilience laws, like the Chips Act, "were intended to save companies producing materials or goods necessary for national defense, incentivize investment in critical technologies and boost production in strategic sectors," she writes. "The Trump administration has interpreted them as allowing the government to become a shareholder in companies — a potentially illegal shift." "Congress should clearly define when and how the government takes equity stakes and the guardrails necessary to support public investment for national defense," she argues.