Blumenthal Voted for Intel Subsidy, Family Bought $250K Stock
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 leg …