{"id":1476414,"date":"2022-05-16T08:30:23","date_gmt":"2022-05-16T12:30:23","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1476414"},"modified":"2022-05-16T08:30:26","modified_gmt":"2022-05-16T12:30:26","slug":"family-of-sen-blumenthal-bought-intel-stock-before-he-voted-for-massive-subsidy-bill","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/family-of-sen-blumenthal-bought-intel-stock-before-he-voted-for-massive-subsidy-bill\/","title":{"rendered":"Family of Sen. Blumenthal Bought Intel Stock Before He Voted for Massive Subsidy Bill"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffamily-of-sen-blumenthal-bought-intel-stock-before-he-voted-for-massive-subsidy-bill%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1476414&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><ul>\n<li><strong>Democratic Connecticut Sen. Richard Blumenthal recently disclosed that an investment fund managed by his wife\u2019s family bought between $1 million and $2 million in tech company stocks, including shares in Intel. <\/strong><\/li>\n<li><strong>Blumenthal\u2019s disclosure came three weeks before a Senate hearing where Intel\u2019s CEO backed legislation handing billions in subsidies to the semiconductor industry. <\/strong><\/li>\n<li><strong>Five days after the hearing, Blumenthal voted in favor of the America COMPETES Act, which grants $52 billion in subsidies to the semiconductor industry.<\/strong><\/li>\n<\/ul>\n<p>Democratic Connecticut Sen. Richard Blumenthal disclosed in early March that an investment fund managed by his wife\u2019s family purchased between $250,000 and $500,000 worth of Intel stock. A little over three weeks later, he voted for legislation handing billions in subsidies to semiconductor manufacturers that could benefit Intel.<\/p>\n<p>The senator\u2019s actions seem to indicate a conflict of interest, congressional watchdogs told The Daily Caller News Foundation. Blumenthal\u2019s financial interests appear intertwined with companies he oversees, they said.<\/p>\n<p>\u201cThis is another example why there is strong public support for restricting stock purchases by senators and House members,\u201d said Tom Fitton, president of Judicial Watch. \u201cAnd, by the way, \u2018disclosing\u2019 conflicts doesn\u2019t erase them.\u201d<\/p>\n<p>On March 3, Blumenthal, who sits on the Senate Commerce Committee, <a href=\"https:\/\/freebeacon.com\/wp-content\/uploads\/2022\/03\/blumenthal.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">disclosed<\/a> to the Senate Ethics Committee that an investment fund controlled by his wife\u2019s family bought between $1 million and $2 million in tech company stocks. Shares valued at between $250,000 and $500,000 of Google parent company Alphabet, Amazon, Microsoft, and Intel were purchased in January, according to the disclosure.<\/p>\n<p>Blumenthal\u2019s fund bought the Intel shares roughly two months before its CEO Patrick Gelsinger joined other tech executives on Capitol Hill to testify in favor of legislation that would pump billions of dollars into domestic semiconductor manufacturing.<\/p>\n<p>Intel is one of the world\u2019s largest semiconductor producers, and operates manufacturing and R&#038;D facilities across the U.S. As such, Intel stands to benefit from the America COMPETES Act, which would provide $52 billion for semiconductor manufacturing and research.<\/p>\n<p>Already, several states are granting generous subsidies to chip makers, including Intel. Ohio recently announced more than $2 billion in incentives to Intel to build two factories in Licking County, The Columbus Dispatch <a href=\"https:\/\/www.google.com\/url?q=https:\/\/www.dispatch.com\/story\/business\/2022\/01\/28\/ohio-release-details-incentive-package-intel-chip-plants\/9253570002\/&#038;sa=D&#038;source=docs&#038;ust=1652457721204063&#038;usg=AOvVaw3ec5rZL_Iy4Bs7krS-ggHZ\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a>. Intel is investing $20 billion into the Ohio facilities. <strong><a href=\"https:\/\/dailycaller.com\/2022\/01\/21\/intel-semiconductor-manufacturing-chip-ohio\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Intel To Invest $20 Billion In \u2018Largest\u2019 Chip-Making Plant \u2018On The Planet\u2019)<\/a><\/strong><\/p>\n<div id=\"attachment_7428970\" class=\"wp-caption alignnone\">\n<p id=\"caption-attachment-7428970\" class=\"wp-caption-text\">U.S. Senators Chuck Schumer (D-NY) (L) and Richard Blumenthal (D-CT) speak at a news conference on Amtrak funding on Capitol Hill in Washington May 21, 2015. REUTERS\/Yuri Gripas<\/p>\n<\/div>\n<p>At the hearing, Gelsinger mentioned how foreign governments have <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-16\/intel-set-to-get-5-5-billion-in-german-subsidies-for-mega-plant#:~:text=Intel%20and%20the%20country%20are,the%20biggest%20gain%20two%20weeks.\" target=\"_blank\" rel=\"noopener noreferrer\">granted<\/a> Intel and other companies subsidies to manufacture semiconductors, and he urged senators to bolster \u201ccritical technology\u201d that will \u201cbreak great ground.\u201d<\/p>\n<p>\u201cI want to go bigger and faster,\u201d Gelsinger said at the hearing, calling lawmakers to pass the legislation.<\/p>\n<p>Five days later, the America COMPETES Act <a href=\"https:\/\/www.senate.gov\/legislative\/LIS\/roll_call_votes\/vote1172\/vote_117_2_00109.htm\" target=\"_blank\" rel=\"noopener noreferrer\">passed<\/a> the Senate in a 68 to 28 vote. Blumenthal voted in favor of it.<\/p>\n<p>Blumenthal is one of the wealthiest members of Congress. He has <a href=\"https:\/\/freebeacon.com\/democrats\/richard-blumenthal-denies-owning-stocks-his-portfolio-tells-a-different-story\/\" target=\"_blank\" rel=\"noopener noreferrer\">claimed<\/a> to not own \u201cindividual stocks,\u201d even though watchdog experts say there is no distinction between his family or himself owning the shares, since he must disclose the holdings anyway.<\/p>\n<p>Blumenthal has <a href=\"https:\/\/dailycaller.com\/2022\/02\/10\/richard-blumenthal-traded-robinhood-stock-demanding-investigation-stock-act\/\" target=\"_blank\" rel=\"noopener noreferrer\">faced scrutiny<\/a> for his past stock dealings.<\/p>\n<p>The Blumenthal family fund bought and sold shares of Robinhood, the stock trading platform, <a href=\"https:\/\/dailycaller.com\/2022\/02\/10\/richard-blumenthal-traded-robinhood-stock-demanding-investigation-stock-act\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/dailycaller.com\/2022\/02\/10\/richard-blumenthal-traded-robinhood-stock-demanding-investigation-stock-act\/&#038;source=gmail&#038;ust=1652554931798000&#038;usg=AOvVaw25B_SjYiSOEp8ezoy26xcJ\">on behalf<\/a> of the senator and his wife in 2021. The senator disclosed the trades after the reporting deadline, which violates federal law. Around the same time, Blumenthal was calling for investigations into Robinhood for temporarily shutting down consumer trading of GameStop.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">After what happened last week with GameStop trading, investigation by consumer protectors &#038; Congress seems necessary\u2014&#038; then legislative reform.<\/p>\n<p>\u2014 Richard Blumenthal (@SenBlumenthal) <a href=\"https:\/\/twitter.com\/SenBlumenthal\/status\/1356329332583657477?ref_src=twsrc%5Etfw\">February 1, 2021<\/a> <\/p>\n<\/blockquote>\n<p>\u201cAnytime a senator is buying and selling stocks in companies that they oversee, especially at the committee level, it raises red flags,\u201d Kendra Arnold, executive director of the Foundation for Accountability and Civic Trust (FACT), told TheDCNF. \u201cWhere a senator\u2019s personal financial interests create even the perception that he cannot act impartially, then a conflict of interest exists.\u201d<\/p>\n<p>In February, FACT filed a <a href=\"https:\/\/www.google.com\/url?q=https:\/\/freebeacon.com\/democrats\/one-of-the-senates-richest-members-hit-with-ethics-complaint-over-stock-trades\/&#038;sa=D&#038;source=docs&#038;ust=1652457926130614&#038;usg=AOvVaw3qssaF8FNpR37pWD-46u5S\" target=\"_blank\" rel=\"noopener noreferrer\">complaint<\/a> against Blumenthal for failing to disclose the Robinhood stock trades in a timely manner. However, it <a href=\"https:\/\/www.ctinsider.com\/news\/article\/Fact-check-Is-Richard-Blumenthal-under-a-Senate-16989828.php\" target=\"_blank\" rel=\"noopener noreferrer\">does not appear<\/a> the Senate Ethics Committee ever officially investigated the matter.\u00a0<strong><a href=\"https:\/\/dailycaller.com\/2022\/02\/10\/richard-blumenthal-traded-robinhood-stock-demanding-investigation-stock-act\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Company Traded Robinhood Stock On Behalf Of Sen. Blumenthal\u2019s Wife While He Was Demanding Investigation Of App)<\/a><\/strong><\/p>\n<p>\u201cBoth not timely disclosing stock trades and trading stock in companies that overlap with a senator\u2019s official duties should raise serious concerns for the American people,\u201d said Arnold.<\/p>\n<p>Craig Holman, a government affairs lobbyist for the progressive group Public Citizen, told TheDCNF it is \u201cextremely alarming\u201d that members of Congress and their spouses continue to trade stocks given their access to confidential information that comes through congressional briefings.<\/p>\n<p>\u201cMembers, spouses, and dependent children must be prohibited altogether from trading on the stock market to avoid the actuality or the appearance of congressional insider trading,\u201d said Holman.<\/p>\n<p>The Senate Ethics Committee did not respond to a request for comment. Blumenthal\u2019s office did respond to TheDCNF, but did not answer a question about why some experts see the Blumenthal family\u2019s stock buy ahead of the March vote as problematic.<\/p>\n<p>\u201cSenator Blumenthal believes America needs to break China\u2019s grip on the semiconductor market and establish an American made supply chain for chips,\u201d spokeswoman Maria McElwain said in an email.<\/p>\n<p>Tech companies, including Intel, have lent a hand to Blumenthal\u2019s political ambitions. Intel contributed $2,500 to the senator\u2019s leadership PAC in 2020, according to Federal Election Commission <a href=\"https:\/\/www.fec.gov\/data\/receipts\/?data_type=processed&#038;committee_id=C00492983&#038;committee_id=C00492991&#038;committee_id=C00766790&#038;contributor_name=C00125641&#038;contributor_name=C00227546&#038;contributor_name=C00360354&#038;contributor_name=C00428623\" target=\"_blank\" rel=\"noopener noreferrer\">records<\/a>. Amazon gave $5,000 to Blumenthal\u2019s 2016 campaign. Since 2016, Microsoft has given Blumenthal\u2019s leadership PAC and campaign $16,000.<\/p>\n<p>Senate Majority Leader Chuck Schumer and other top Democrats have <a href=\"https:\/\/www.timesunion.com\/state\/article\/Schumer-top-Democrats-push-250-billion-computer-16788014.php\" target=\"_blank\" rel=\"noopener noreferrer\">pushed<\/a> for hundreds of billions to go toward semiconductor research and development. <strong><a href=\"https:\/\/dailycaller.com\/2022\/04\/14\/chuck-schumer-ron-wyden-donations-companies-business-russia-koch-republicans\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Chuck Schumer, Top Democrat Took Donations From Company Still Doing Business In Russia Despite Slamming Koch, Republicans)<\/a><\/strong><\/p>\n<p>The House <a href=\"https:\/\/www.npr.org\/2022\/02\/04\/1078226282\/u-s-house-passes-china-competition-bill\" target=\"_blank\" rel=\"noopener noreferrer\">approved<\/a> the America COMPETES Act in February. Both chambers must now reconcile the differences between their respective versions of the bill before its final passage.<\/p>\n<p>In May, President Joe Biden <a href=\"https:\/\/www.cnbc.com\/2022\/05\/06\/biden-demands-congress-pass-chips-innovation-bill-to-counter-china.html\" target=\"_blank\" rel=\"noopener noreferrer\">urged<\/a> Congress to \u201cpass the damn bill.\u201d The White House has <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/05\/06\/fact-sheet-biden-administration-celebrates-launch-of-am-forward-and-calls-on-congress-to-pass-bipartisan-innovation-act\/\" target=\"_blank\" rel=\"noopener noreferrer\">called<\/a> the bill \u201cbipartisan,\u201d despite the fact it passed largely along party lines, getting just one Republican vote. House Minority Leader Kevin McCarthy <a href=\"https:\/\/www.republicanleader.gov\/mccarthy-sounds-the-alarm-democrats-legislation-concedes-to-china\/\" target=\"_blank\" rel=\"noopener noreferrer\">referred<\/a> to the House bill as the \u201cAmerica Concedes Act.\u201d Senate Minority Leader Mitch McConnell <a href=\"https:\/\/www.republicanleader.senate.gov\/newsroom\/press-releases\/mcconnell-statement-on-usica-legislation-\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> it will not pass without Democrats making \u201cmajor concessions and changes.\u201d<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Democratic Connecticut Sen. Richard Blumenthal recently disclosed that an investment fund managed by his wife\u2019s family bought between $1 million and $2 million in tech company stocks, including shares in<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1476414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1476414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1476414"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1476414\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1476414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1476414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1476414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}