Sen. Ron Wyden (D-OR) has been caught preparing legislation that would expand semiconductor production just weeks after his wife purchased stock in multiple semiconductor tool companies.
Sens. Wyden, Debbie Stabenow (D-MI) and Michael Bennet (D-CO) released a statement on Mar. 16 to announce “their effort to draft legislation to incentivize domestic manufacturing.”
“We are working on new legislation that would expand production of critical technologies like semiconductors, batteries and solar components,” the senators wrote.
“These proposals would significantly increase federal investment in both the technology needed to transition to a net-zero emission economy, and the workers needed to develop and produce that technology,” they added.
A Mar. 23 Wyden public financial disclosure reported that the senator’s wife, Nancy Bass Wyden, purchased stock from Applied Materials, Inc. and the KLA Corporation. Both companies manufacture semiconductors.
The purchase also follows a Semiconductor Industry Association (SIA) letter to urged President Joe Biden “to work with Congress to fully fund domestic semiconductor manufacturing and research provisions established in the recently enacted National Defense Authorization Act (NDAA). ”
SIA represents 98 percent of the U.S. semiconductor industry by revenue.
Fox Business reported that this is not the first time the Wyden family’s stock purchases have caused controversy.
Mrs. Wyden bought at least $115,000 in Amazon stock during the pandemic last year. She laid off workers at her independent New York City bookstore The Strand during the same period.