This bill seeks to enhance the security of the United States' semiconductor supply chain by amending existing law to restrict the use of certain manufacturing equipment. It prohibits recipients of federal financial assistance for semiconductor projects from procuring, installing, or using "ineligible semiconductor manufacturing equipment" for a period of 10 years. The legislation defines "ineligible semiconductor manufacturing equipment" as completed, fully assembled machinery manufactured, assembled, or refurbished by a foreign entity of concern or its subsidiaries, intended for various stages of semiconductor production. This includes a broad range of equipment such as deposition, etching, lithography, and inspection tools. Waivers to this prohibition may be granted by the Secretary under specific conditions. These include situations where equivalent equipment is not sufficiently available from the United States or allied countries, if the equipment was only refurbished by a foreign entity of concern, or if its use complies with export regulations and is determined to be in the national security interest of the United States.