The CHIPS and Science Act has catalyzed more than $500 billion in planned semiconductor investment, with its design and implementation spanning three presidential administrations. In this seminar, Mike Schmidt — founding Director of the CHIPS Program Office — shares lessons from inside the process: how industrial policy is crafted, how it’s executed, and what it takes to make it endure. Drawing on his experience leading the $39 billion CHIPS manufacturing initiative, Schmidt will explore both the craft and political economy of modern industrial policy, offering practical insights for future efforts to advance strategic national goals — from revitalizing domestic manufacturing to accelerating the clean energy transition.

Michael R. Schmidt is a distinguished visitor at the Griswold Center for Economic Policy Studies at Princeton University. From September 2022 to January 2025, Schmidt served as the inaugural director of the CHIPS Program Office (CPO) at the U.S. Department of Commerce, where he led the implementation of a $39 billion federal initiative to incentivize semiconductor manufacturing in the United States. Under his leadership, the office executed 20 final award agreements totaling $34 billion, unlocking more than $450 billion in total investment in U.S. chip production. Before joining the commerce department, Schmidt led the U.S. Department of the Treasury’s implementation of the expanded Child Tax Credit under the American Rescue Plan, which delivered monthly payments to over 37 million families and lifted more than 3 million children out of poverty. He previously served as commissioner of the New York State Department of Taxation and Finance, overseeing the state’s tax system and the collection of more than $100 billion in annual revenue; and as deputy secretary for economic development for the State of New York, where he directed policy and operations across 12 state agencies and authorities. Earlier in his career, he held roles in the Office of Domestic Finance at the U.S. Department of the Treasury, and as a financial analyst at the Yale Investments Office. Schmidt holds a BA in history and a JD, both from Yale University. Current research focuses on developing a principled framework for when industrial policy interventions are justified to advance U.S. national security. Drawing on his experience leading the CPO, he seeks to move beyond ad hoc interventions by clarifying the conditions under which government action is warranted. His goal is to articulate a framework that is both analytically rigorous and practically useful for policymakers. Schmidt also examines how U.S. industrial strategy can align with those of allies and partners to support a more coherent global approach.

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The David Bradford Energy and Environmental Policy Seminar Series is coordinated by the Center for Policy Research on Energy and the Environment (C-PREE), and co-sponsored by the High Meadows Environmental Institute (HMEI). This seminar is also co-sponsored by the Griswold Center for Economic Policy Studies.

This in-person event is open to the public. Princeton University community members do not need to RSVP. Members of the general public should RSVP to ccrosby@princeton.edu and will be accommodated as space allows.

This seminar will be livestreamed at http://mediacentrallive.princeton.edu/ and videos of the recordings are posted on C-PREE's YouTube channel within a week or two after the event.

Sponsorship of an event does not constitute institutional endorsement of external speakers or views presented.