June 25, 2022

Dem. Sen. Blumenthal facing insider trading allegation

It appears that one Democratic U.S. senator may have just been caught doing some insider trading, or at least something pretty close to insider trading.

The Daily Caller reports that Sen. Richard Blumenthal (D-CT) has revealed that he purchased a large amount of Intel stock before voting for a piece of legislation that would give money to Intel. 

What Blumenthal specifically has disclosed to the Senate Ethics Committee is that an investment fund controlled by his wife’s family purchased between $1 to $2 million of stock in a number of technology companies in January of this year.

The companies include Alphabet, Amazon, Microsoft, and Intel. The purchased shares have been valued at between $250,000 and $500,000 apiece.

It was roughly two months later that Blumenthal voted in favor of the America COMPETES Act, which was passed by the Senate.

The bill allocates billions of dollars for the domestic manufacturing of semiconductors. As such, it benefits the likes of Intel, one of the largest semiconductor producers in the world.

Watchdogs have argued that there is, at the very least, a conflict of interest here, in the commingling of Blumenthal’s financial affairs and his position in the Senate.

Blumenthal has yet to respond to these allegations. But, the chances are that he will just deny them, as he has denied similar allegations in the past. Blumenthal maintains that he doesn’t own “individual stocks.”

Blumenthal is the poster child for why there has been a push recently for restricting the ability of Congress members to purchase stocks.

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