(FreedomBeacon.com)- Richard Blumenthal (D-CT), the Chairman of the Senate Commerce Subcommittee on Consumer Protection, voted for legislation that provided Intel billions in subsidies just months after his family bought shares in the firm for more than $250,000.
According to a congressional filing, his wife’s investment fund acquired between $1 million and $2 million in tech businesses in January, including Intel, Amazon, Microsoft, and Google’s parent company Alphabet. Members of Congress and their spouses must declare stock transactions for $1,000 or more within 30-45 days under the STOCK Act.
After Breitbart News senior writer Peter Schweizer published Throw Them All Out, which uncovered political corruption, Congress approved the STOCK Act in 2012.
Interestingly, Intel’s CEO, Patrick Gelsinger, testified on Capitol Hill two months after Blumenthal’s family fund invested a quarter-million dollars in the firm, urging Congress to adopt the America COMPETES Act, which would spend over $50 billion for domestic chip production.
As one of the world’s major semiconductor makers with manufacturing facilities in the United States, Intel stood to gain from this law. The Senate voted 68-28 to enact the America COMPETES Act shortly after Gelsinger’s testimony, with Sen. Blumenthal voting in favor.
The Senate adopted the America COMPETES Act one month after the House did.
Before the law goes to President Joe Biden’s desk for approval, the two chambers must hammer out the differences in their versions. Biden has encouraged Congress to “pass the darn bill.”
Tom Fitton, head of Judicial Watch, said this is another illustration of why there is widespread public support for limiting senators’ and House members’ stock transactions. Fitton noted that disclosing’ conflicts of interest does not make them disappear.
Blumenthal previously denied holding individual stocks, but congressional watchdogs claim there is little distinction between personal and family stock portfolios.
Kendra Arnold of the Foundation for Accountability and Civic Trust explained that
the fact that Blumenthal has to declare his holdings proves there is no difference between his having individual stocks and the family trust owning them.
Most politicians leave D.C. much wealthier than when they arrived.
Why is that?