Senior Commerce Department Adviser Michael Grimes To Leave Investment Accelerator Role
Senior adviser Michael Grimes is reportedly leaving the Commerce Department as Secretary Howard Lutnick assumes control of the government investment vehicle.
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Michael Grimes michael grimesis leaving his role as a senior adviser at the United States 
USDepartment of Commerce and returning to California, according to a report from Semafor citing people familiar with the matter. Commerce Secretary Howard Lutnick howard lutnickis set to assume control of the department's investment accelerator, which serves as a venture arm for the federal government. Reuters could not immediately verify the report from Semafor, and the United StatesCommerce Department did not immediately respond to a request for comment.
USDepartment of Commerce and returning to California, according to a report from Semafor citing people familiar with the matter. Commerce Secretary Howard Lutnick howard lutnickis set to assume control of the department's investment accelerator, which serves as a venture arm for the federal government. Reuters could not immediately verify the report from Semafor, and the United StatesCommerce Department did not immediately respond to a request for comment.The investment accelerator managed by Michael Grimeshandles government equity stakes in private-sector projects funded by the 2022 CHIPS Act. According to the report, the vehicle holds United Statespositions in Intel Corporation and maintains stakes in two unnamed rare-earth minerals companies. Additionally, the accelerator oversees the government's board seat at United States Steel Corporation . It is also expected to hold billions of dollars in pledges from Japan 
JP, Taiwan 
TW, and South Korea 
KRfollowing recent trade agreements.
JP, Taiwan TW, and South Korea KRfollowing recent trade agreements.
