Bernie Sanders backs Trump's plan for government stake in Intel

[Bernie Sanders And Alexandria Ocasio-Cortez Hold A Rally In Denver]
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Senator Bernie Sanders (I-VT) has backed the Trump administration's plan to pick up stakes in Intel (NASDAQ:INTC [https://seekingalpha.com/symbol/INTC]) and other chipmakers by converting U.S. grants awarded to them.

"Taxpayers should not be providing billions of dollars in corporate welfare to large, profitable corporations like Intel (NASDAQ:INTC [https://seekingalpha.com/symbol/INTC]) without getting anything in return," the lawmaker said in a statement.

"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.

Sanders noted that the plan [https://seekingalpha.com/news/4486176-trump-administration-ponders-using-chips-funds-to-buy-stake-in-intel-report] aligned with his stance on the CHIPS Act three years ago. At the time, he'd proposed [https://www.sanders.senate.gov/press-releases/news-sanders-opposes-all-blank-checks-to-chip-companies/] adding conditions to the legislation, such as the recipient firms agreeing to issue warrants or equity stakes to the government and committing to not buy back their own stock with the funds.

"Should American taxpayers provide the microchip industry with a blank check of over $76B at the same exact time when semiconductor companies are making tens of billions of dollars in profits?" he'd asked during a speech on the Senate floor back in 2022. "I think the answer to that is a resounding no."

MORE ON INTEL

* Intel: Political Narrative, Weak Numbers, It's Time To Leave [https://seekingalpha.com/article/4815366-intel-political-narrative-weak-numbers-its-time-to-leave]
* Intel: An Underdog With More Upside Than Downside [https://seekingalpha.com/article/4815172-intel-an-underdog-with-more-upside-than-downside]
* Bessent says U.S. stake in Intel crucial for security [https://seekingalpha.com/news/4486934-bessent-says-us-stake-in-intel-crucial-for-security-nvidia-needs-license-to-export-b30a-to-china]
* Trump administration considers 10% stake in Intel [https://seekingalpha.com/news/4486650-trump-administration-considers-taking-10-percent-stake-in-intel-as-plan-develops-report]
* White House mulls using CHIPS grants for Intel stake [https://seekingalpha.com/news/4486176-trump-administration-ponders-using-chips-funds-to-buy-stake-in-intel-report]