Sen. Blumenthal's Family Splurged On Intel Stock Before He Voted For A Massive Subsidy Bill
Added 05-14-22 08:16:01pm EST - “Senator Richard Blumenthal disclosed that his wife's family's investment fund bought Intel stocks. He then voted for legislation that could benefit the company.” - Dailycaller.com
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Democratic Connecticut Sen. Richard Blumenthal disclosed in early March that an investment fund managed by his wife’s 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.
The senator’s actions seem to indicate a conflict of interest, congressional watchdogs told The Daily Caller News Foundation. Blumenthal’s financial interests appear intertwined with companies he oversees, they said.
“This is another example why there is strong public support for restricting stock purchases by senators and House members,” said Tom Fitton, president of Judicial Watch. “And, by the way, ‘disclosing’ conflicts doesn’t erase them.”
On March 3, Blumenthal, who sits on the Senate Commerce Committee, disclosed to the Senate Ethics Committee that an investment fund controlled by his wife’s 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.
Blumenthal’s 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.
After what happened last week with GameStop trading, investigation by consumer protectors & Congress seems necessary—& then legislative reform.
— Richard Blumenthal (@SenBlumenthal) February 1, 2021
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