Blumenthal Voted for Intel Subsidy After His Family Bought $250K in Stock
Share this @internewscast.com


Senate Commerce Subcommittee on Consumer Protection Chairman Richard Blumenthal (D-CT) voted for legislation that gave Intel billions in subsidies shortly after his family purchased over $250,000 worth of the company’s stock.

An investment fund operated by his wife in January purchased between $1 million and $2 million in tech companies, including Intel, Amazon, Microsoft, and Google’s parent company Alphabet, according to a congressional disclosure. The STOCK Act requires members of Congress and their spouses to disclose transactions valued at $1,000 or higher within 30-45 days.

Congress passed the STOCK Act in 2012 after Breitbart News senior contributor Peter Schweizer released Throw Them All Out, which exposed corruption among political officials.

Interestingly, roughly two months after Blumenthal’s family fund invested a quarter-million dollars into Intel, the company’s CEO, Patrick Gelsinger, testified on Capitol Hill and urged Congress to pass the America COMPETES Act, which would allocate over $50 billion for domestic semiconductor manufacturing.

Intel stood to benefit from this legislation, as the company is one of the world’s largest semiconductor producers and operates manufacturing facilities in the United States. Shortly after Gelsinger’s testimony, the Senate voted 68-28 to pass the America COMPETES Act, with Sen. Blumenthal voting in favor of the legislation.

The Senate’s approval came one month after the House approved the America COMPETES Act. The two chambers must work out the differences in each of their versions before the bill heads to President Joe Biden’s desk for approval, who has urged Congress to “pass the damn bill.”

With the Blumenthal family stock portfolio set to gain from the Intel subsidies, this has increased calls for Congress to ban its members from trading stocks.

“This is another example why there is strong public support for restricting stock purchases by senators and House members,” said Judicial Watch president Tom Fitton. “And, by the way, ‘disclosing’ conflicts doesn’t erase them.”

Blumenthal previously denied owning individual stocks, but congressional watchdogs say there is no difference between individually owned and family-operated stock portfolios.

“There is no distinction between him owning individual stocks and the family trust owning them, which is proven by the fact that he must disclose them,” Foundation for Accountability and Civic Trust director Kendra Arnold said.

Congressional Republicans are opposed to the America COMPETES Act, with House GOP Leader Kevin McCarthy (R-CA) calling it the “America Concedes Act.” Additionally, Republican Senate Leader Mitch McConnell (R-KY) said that “without major concessions and changes from House Democrats, this legislation has no chance of becoming law.”

Share this @internewscast.com
You May Also Like

SCOTUS Decision on Remain in Mexico ‘Unfortunate’ but Warns ‘It’s Not the End’

The Supreme Court’s 5-4 decision in favor of the Biden administration ending…

Jury sworn in for Parkland school shooter’s sentencing

The seven men and five women who were chosen will return to…

Former Tennessee teacher indicted on child pornography charges | WJHL

COOKEVILLE, Tenn. (WKRN) — A former Putnam County teacher has been indicted…

Unsolved murders in Philadelphia – CBS News

Unsolved murders in Philadelphia – CBS News Watch CBS News CBS News…

Father dies by suicide in Virginia after discovering his 18-month-old son dead inside a hot car, police say

Local authorities are investigating the deaths of a young child and his…

Expert tips to keep your pets calm during July 4th fireworks

JACKSONVILLE, Fla. – How many of you at home dread fireworks or…

NATO’s ‘new Iron Curtain’ as alliance commits extra troops at Madrid summit

America will deploy thousands more troops to Europe along with fighters, air…

Florida abortion clinics prepare for ruling to 15 week ban; pro-life groups call for outright ban

A Florida judge is expected to rule Thursday on an injunction that…