This bill modifies and limits the review of certain semiconductor (i.e., microchip) projects under the National Environmental Policy Act of 1969 (NEPA) and the National Historic Preservation Act (NHPA). First, the bill exempts from NEPA and NHPA specified semiconductor projects that receive financial assistance under the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021, including semiconductor projects with (1) activities that commence by December 31, 2024; (2) federal financial assistance provided in the form of a loan or loan guarantee; or (3) federal financial assistance, excluding any loan or loan guarantee, that comprises no more than 10% of the total estimated cost of the project. Further, the bill exempts certain activities from NEPA relating to the construction, expansion, or modernization of semiconductor facilities by establishing several categorical exclusions. Next, the bill allows the Department of Commerce to serve as the lead agency for the review of a semiconductor project that receives such financial assistance but is not exempted from review under NEPA. In completing an environmental review under NEPA for semiconductor projects that receive such financial assistance, Commerce may rely on or adopt prior studies and decisions under certain circumstances.