• Prohibits recipients of federal semiconductor funding from procuring, installing, or using semiconductor manufacturing equipment made by foreign entities of concern for 10 years
• Defines ineligible equipment as completed, fully assembled semiconductor manufacturing equipment manufactured, assembled, or refurbished by foreign entities of concern, including deposition, etching, lithography, and testing equipment
• Allows the Secretary to waive prohibitions under specific conditions including when equipment is not available from the U.S. or allied countries in sufficient quantities or quality