March 31 (Reuters) - President Donald Trump signed an

executive order on Monday setting up a new entity to take over

the CHIPS Act program and speed up corporate investments in the

United States.

The United States Investment Accelerator within the

Commerce Department will oversee implementing the CHIPS and

Science Act, a 2022 law that made $52.7 billion in subsidies

available for semiconductor chips manufacturing and production.

Trump has repeatedly criticized the bipartisan CHIPS Act,

signed by former President Joe Biden in August 2022. Earlier in

March he said U.S. lawmakers should get rid of it and instead

use the proceeds to pay debt.

The new office will be responsible for "negotiating much

better CHIPS Act deals than the previous administration," the

White House said, without providing further details on what

would be negotiated.

The Investment Accelerator will also encourage companies to

make large investments in the U.S. by reducing regulatory

burdens, speeding up permitting, coordinating with federal

agencies and states, and increasing access to national

resources, according to a fact sheet released by the White

House.