Sen. Bernie Sanders (I-Vt.) voiced support Wednesday for the Trump administration’s plan to potentially take a stake in Intel, suggesting it aligned with an earlier effort to secure returns from CHIPS and Science Act investments.
“I am glad the Trump administration is in agreement with the amendment I offered three years ago to the CHIPS Act,” Sanders said in a statement. “No. Taxpayers should not be providing billions of dollars in corporate welfare to large, profitable corporations like Intel without getting anything in return.”
“If microchip companies make a profit from the generous grants they receive from the federal government, the taxpayers of America have a right to a reasonable return on that investment,” he added, arguing the government should also ensure firms do not engage in illegal union busting, outsourcing or stock buybacks.
Commerce Secretary Howard Lutnick confirmed Tuesday the administration is considering taking a stake in the struggling U.S. chipmaker, with funding coming from previously allocated Biden-era grants.
Reports have suggested the U.S. government is looking at using CHIPS funding for a 10 percent equity stake in Intel. SoftBank also announced late Monday that it is investing $2 billion in the semiconductor firm.
It represents a remarkable change of fate for the company, whose chief executive faced President Trump’s ire just two weeks ago. Trump called on Intel CEO Lip-Bu Tan to resign earlier this month, suggesting he was “highly conflicted” amid concerns about his ties to China.
However, the president struck a more positive tone after meeting with Tan last week, suggesting the CEO and his Cabinet were “going to spend time together, and bring suggestions to me during the next week.”
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