Lutnick to Testify on Chip Export Delays

Commerce Secretary Howard Lutnick will testify before the Senate Banking Committee on Dec. 10. A U.S. official confirmed the appearance comes as lawmakers scrutinize the department's oversight of artificial intelligence chip exports.

The testimony follows the resignation of Nvidia CEO Jensen Huang. The department faces questions about why it did not sooner add Singapore-based Megaspeed International to the Entity List. That list restricts companies from accessing advanced AI chips. The U.S. government suspects Megaspeed of directing those chips to China. Megaspeed was previously led by Alice Huang, a woman suspected of being a Chinese spy and an affair partner of Jensen Huang.

Republican lawmakers are pressing Lutnick to explain the delay. Sen. Jim Banks of Indiana told Fox News on Thursday that the Commerce Department used loopholes to allow chip sales. Banks said this occurred despite President Trump directing his administration to block such deals.

Treasury Secretary Scott Bessent placed the burden on the Commerce Department. Speaking to CNBC on Friday, Bessent said Treasury, the War Department, the U.S. Trade Representative, and the State Department all favored listing Megaspeed for months. Bessent noted that Commerce holds the pen and must answer for its internal processes. He declined to comment on reported tensions between himself and Lutnick.

The Commerce Department did not immediately respond to a request for comment from CBS News. The Senate Banking Committee hearing is scheduled for Dec. 10.