THE BARE STORY
Commerce Secretary Howard Lutnick has agreed to appear before the Senate Banking Committee on Dec. 10, according to a U.S. official, amid scrutiny of the department’s oversight of exports of advanced artificial intelligence chips.
The planned hearing follows the resignation this week of Nvidia Chief Executive Jensen Huang. Lawmakers have raised questions about the Commerce Department’s handling of Megaspeed International, a Singapore-based company that has drawn concerns over possible violations of U.S. export controls.
Treasury Secretary Scott Bessent said Friday that the Treasury, War and State departments, along with the U.S. Trade Representative, had supported adding Megaspeed to the government’s Entity List for months. He said the Commerce Department has direct authority over that process.
Sen. Jim Banks, an Indiana Republican on the Banking Committee, said the Commerce Department and Lutnick appeared to have used loopholes to allow certain chip transactions despite directives from President Donald Trump. The Commerce Department did not immediately comment, and Bessent declined to discuss reported tensions with Lutnick.
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