The Economics Committee of Taiwan's Legislature Yuan has vetoed the additional NT$33 billion (US$1.02 billion; US$1=NT$32.30) investment by the NDF (National Development Fund) next year in Taiwan's DRAM (Dynamic Random Access Memory) industry restructuring program, led by the new start-up TIMC (Taiwan Innovation Memory Company) - previously known as Taiwan Memory Company - Taiwan's Central News Agency reported on November 26. Shortly prior to the Legislature Yuan's resolution, the Executive Yuan of Taiwan has approved TIMC's request for NT$8.1 billion (US$250.77 million) from the NDF, for use in pooling the local industry resources and collaborating with foreign companies to develop advanced DRAM technologies. Currently TIMC and Japan's Elpida Memory are engaged in a technology licensing partnership, which is expected to play an instrumental role in the success of TIMC's industry restructuring objective. Nevertheless, in light of signs of recovery in the DRAM industry, Taiwan's legislators reached a resolution to suspend the restructuring program.