{"id":1492511,"date":"2022-05-26T07:31:27","date_gmt":"2022-05-26T11:31:27","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1492511"},"modified":"2022-05-26T07:31:31","modified_gmt":"2022-05-26T11:31:31","slug":"shortly-after-his-family-bought-quarter-million-worth-of-intel-stock-sen-blumenthal-voted-for-subsidy-for-the-company","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shortly-after-his-family-bought-quarter-million-worth-of-intel-stock-sen-blumenthal-voted-for-subsidy-for-the-company\/","title":{"rendered":"Shortly After His Family Bought Quarter Million Worth of Intel Stock, Sen. Blumenthal Voted for Subsidy for the Company"},"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\">38<\/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%2Fshortly-after-his-family-bought-quarter-million-worth-of-intel-stock-sen-blumenthal-voted-for-subsidy-for-the-company%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=1492511&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--><div><\/div>\n<p class=\"subheading\">Senate Commerce Subcommittee on Consumer Protection Chairman Richard Blumenthal (D-CT)\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/www.shorenewsnetwork.com\/2022\/05\/14\/sen-blumenthals-family-splurged-on-intel-stock-before-he-voted-for-a-massive-subsidy-bill\/\" target=\"_blank\" rel=\"noopener\">voted<\/a>\u00a0for legislation that gave Intel billions in subsidies shortly after his family purchased over $250,000 worth of the company\u2019s stock.<\/p>\n<p>An investment\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/www.breitbart.com\/politics\/2022\/03\/16\/richard-blumenthal-denies-owning-stocks-despite-multimillion-dollar-stock-disclosure\/\" target=\"_blank\" rel=\"noopener\">fund<\/a>\u00a0operated by his wife in January purchased between $1 million and $2 million in tech companies, including Intel, Amazon, Microsoft, and Google\u2019s 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.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>Congress passed the STOCK Act in 2012 after Breitbart News senior contributor Peter Schweizer released\u00a0<em>Throw Them All Out<\/em>, which exposed corruption among political officials.<\/p>\n<p>Interestingly, roughly two months after Blumenthal\u2019s family fund invested a quarter-million dollars into Intel, the company\u2019s CEO, Patrick Gelsinger,\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/www.c-span.org\/video\/?518907-1\/company-executives-testify-semiconductor-shortage\" target=\"_blank\" rel=\"noopener\">testified<\/a>\u00a0on Capitol Hill and urged Congress to pass the America COMPETES Act, which would allocate over $50 billion for domestic semiconductor manufacturing.<\/p>\n<p>Intel stood to benefit from this legislation, as the company is one of the world\u2019s largest semiconductor producers and operates manufacturing facilities in the United States. Shortly after Gelsinger\u2019s testimony, the Senate voted 68-28 to pass the America COMPETES Act, with Sen. Blumenthal voting in favor of the legislation.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>The Senate\u2019s 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\u2019s desk for approval, who has\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2022\/05\/06\/biden-demands-congress-pass-chips-innovation-bill-to-counter-china.html\" target=\"_blank\" rel=\"noopener\">urged<\/a>\u00a0Congress to \u201cpass the damn bill.\u201d<\/p>\n<p>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.<\/p>\n<p>\u201cThis is another example why there is strong public support for restricting stock purchases by senators and House members,\u201d said Judicial Watch president Tom Fitton. \u201cAnd, by the way, \u2018disclosing\u2019 conflicts doesn\u2019t erase them.\u201d<\/p>\n<p>Blumenthal previously\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/www.breitbart.com\/politics\/2022\/03\/16\/richard-blumenthal-denies-owning-stocks-despite-multimillion-dollar-stock-disclosure\/\" target=\"_blank\" rel=\"noopener\">denied<\/a>\u00a0owning individual stocks, but congressional watchdogs say there is no difference between individually owned and family-operated stock portfolios.<\/p>\n<p>\u201cThere 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,\u201d Foundation for Accountability and Civic Trust director Kendra Arnold\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/www.breitbart.com\/politics\/2022\/03\/16\/richard-blumenthal-denies-owning-stocks-despite-multimillion-dollar-stock-disclosure\/\" target=\"_blank\" rel=\"noopener\">said<\/a>.<\/p>\n<p>Congressional Republicans are opposed to the America COMPETES Act, with House GOP Leader Kevin McCarthy (R-CA)\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/www.republicanleader.gov\/mccarthy-sounds-the-alarm-democrats-legislation-concedes-to-china\/\" target=\"_blank\" rel=\"noopener\">calling<\/a>\u00a0it the \u201cAmerica Concedes Act.\u201d Additionally, Republican Senate Leader Mitch McConnell (R-KY)\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/www.republicanleader.senate.gov\/newsroom\/press-releases\/mcconnell-statement-on-usica-legislation-\" target=\"_blank\" rel=\"noopener\">said<\/a>\u00a0that \u201cwithout major concessions and changes from House Democrats, this legislation has no chance of becoming law.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senate Commerce Subcommittee on Consumer Protection Chairman Richard Blumenthal (D-CT)\u00a0voted\u00a0for legislation that gave Intel billions in subsidies shortly after his family purchased over $250,000 worth of the company\u2019s stock. An<\/p>\n","protected":false},"author":489,"featured_media":1896000,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1492511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.breitbart.com\/politics\/2022\/05\/25\/sen-blumenthal-voted-for-intel-subsidy-after-his-family-bought-quarter-million-worth-of-stock\/","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1492511","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\/489"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1492511"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1492511\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1896000"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1492511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1492511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1492511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}