US Treasury chief faults Commerce Department over Nvidia export controls

US Treasury Secretary Scott Bessent blamed the Commerce Department, led by Howard Lutnick, for failing to adequately oversee advanced Nvidia chip exports amid a widening scandal. Bessent expressed frustration over delays in adding the firm Megaspeed to an export control list, stating that any leakage of advanced AI chips gives China an advantage in the AI race. The fallout follows the ousting of Nvidia CEO Jensen Huang after revelations of an affair with a businesswoman allegedly acting as a Chinese spy. The Commerce Department and Lutnick now face intense bipartisan political pressure and have been summoned to testify before congressional committees regarding their oversight and record retention concerning Nvidia's sales.