For years the titans of finance have argued Wall Street could spend money more efficiently than the government can. Now a handful of bankers will get the chance to see if they’re right.

Deep inside the Commerce Department, Secretary Gina Raimondo has pulled together a team including former executives from Goldman Sachs Group Inc. and KKR & Co. to divvy up about $100 billion worth of subsidies and loan guarantees the government has set aside to turn the US back into a semiconductor powerhouse. The tiny electronic components that run everything from electric vehicles to nuclear missiles are at the center of a geopolitical struggle between Washington and Beijing.

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Ex-Wall Streeters Help Washington Divvy Up $100 Billion to Win the Global Chip Race