Bernie Sanders Introduces Bill for Public Ownership of AI Firms.
WHO:
AP News - Bernie Sanders, independent Vermont senator
AP News - President Donald Trump, OpenAI CEO Sam Altman, Anthropic CEO Dario Amodei
AP News - Seven-person independent commission, nominated by the president and confirmed by the Senate
WHAT:
AP News - Sanders' proposal includes a sovereign wealth fund that would be financed through a one-time 50% tax on the stock of AI companies that reach $200 million in annual AI sales.
AP News - The tax is estimated to create a fund worth around $7 trillion, which would generate hundreds of billions of dollars annually for direct payments to Americans and public programs.
AP News - Sanders stated, “The benefits cannot simply go to the handful of wealthy corporations. They will be shared by the American people.”
AP News - Sanders emphasized that the public must have a significant seat at the table to ensure AI benefits ordinary people, stating, “The public has got to have a significant seat at the table to make sure that terrible things do not happen to ordinary people.”
AP News - Sanders' proposal includes public ownership of half of the largest AI companies and direct influence over corporate decision-making.
AP News - The proposal would require companies to transfer stock rather than cash, making the American public a major shareholder in the largest AI firms.
AP News - Sanders stated, “We’re not going to lose any money, even if there is a bust in the bubble.”
AP News - Sanders emphasized that the proposal is just a start, saying, “We think this is the best that we could do at the moment, and it’s certainly a major, major, major step forward from giving unilateral and total power to a handful of multi-billionaires.”
Techmeme - Bernie Sanders proposed legislation to create a sovereign wealth fund.
AP News - The fund would be financed via a one-time 50% stock tax on AI companies that reach $200 million in annual AI sales.
AP News - Sanders estimates the tax would create a nearly $7 trillion fund.
AP News - The fund would generate hundreds of billions of dollars annually in direct payments to Americans and programs such as health care, education, and housing.
AP News - A 5% annual dividend from the fund would provide direct payments of more than $1,000 to every American.
WHERE:
AP News - Washington, D.C.
WHEN:
AP News - The proposal is described as a legislative attempt to make the sovereign wealth fund a reality.
WHY:
AP News - Sanders argues that the American people are aware of the potential job losses due to AI and do not want to see it happen, stating, “Workers will be thrown out of their jobs while billionaires, multi-billionaires become even richer.”
AP News - Sanders argues that the benefits of AI cannot simply go to wealthy corporations and should be shared by the American people.
AP News - Sanders emphasizes the need for public ownership to ensure that AI benefits ordinary people and does not harm them.
HOW:
AP News - The independent commission managing the fund would be directed to “block decisions that hurt the American people and to push for policies that help them.”
AP News - The independent commission would be directed to “block decisions that hurt the American people and to push for policies that help them.”
AP News - The proposal requires companies to transfer stock rather than cash, making the American public a major shareholder in the largest AI firms.
AP News - The independent commission would manage the fund and use its voting shares to block decisions that hurt the American people and to push for beneficial policies.
(UPDATED June 18, 2026 19:46 UTC)
Senator Sanders has proposed a new sovereign wealth fund that would be financed by a one-time 50% tax on the stock of AI companies with annual sales exceeding $200 million, which is expected to create a fund worth around $7 trillion. This fund aims to generate hundreds of billions of dollars each year for direct payments to Americans and public programs, as Sanders insists that the benefits of AI should not just go to wealthy corporations but be shared by the American people. He also emphasized the need for the public to have a significant role in decision-making, stating that an independent commission managing the fund would be tasked with blocking decisions that could harm ordinary Americans while promoting policies that benefit them.
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(UPDATED June 18, 2026 10:22 UTC)
Senator Bernie Sanders has introduced a proposal that aims for public ownership of half of the largest AI companies, allowing the American public to become major shareholders by transferring stock instead of cash. He emphasized that this initiative is just the beginning, asserting that it represents a significant step away from allowing a few billionaires to hold total power over these technologies. Sanders also highlighted the need for an independent commission to prevent decisions that could harm American workers, as he believes many are concerned about potential job losses due to AI advancements.
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(UPDATED June 17, 2026 23:29 UTC)
Bernie Sanders has proposed legislation to create a sovereign wealth fund that would be financed by a one-time 50% stock tax on AI companies with annual sales exceeding $200 million, potentially generating nearly $7 trillion. This fund aims to provide direct payments of over $1,000 to every American through a 5% annual dividend, while also supporting essential programs like health care, education, and housing. An independent commission, nominated by President Trump and confirmed by the Senate, would manage the fund, ensuring that the benefits of AI are shared with the public rather than just wealthy corporations.