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.