WASHINGTON — Sen. Bernie Sanders renewed his push Monday, July 13, for Americans to hold a direct ownership stake in the nation’s largest artificial intelligence companies. The Vermont independent cited new polling showing broad support for requiring major AI firms to place half of their stock in a public fund.
The proposal centers on the American AI Sovereign Wealth Fund Act, which Sanders introduced in Washington on June 18. A survey of 1,690 adults found that 69% supported requiring large AI companies to transfer 50% of their equity into a publicly owned sovereign wealth fund.
Poll gives Sanders leverage.
Sanders used the survey results to argue that Americans want a larger share of the wealth created by artificial intelligence. He said the technology should serve the public rather than concentrate profits among technology executives and major investors.
The poll measured support for the core proposal, not every provision in the bill. Respondents considered a policy requiring companies such as OpenAI and Anthropic to transfer half their stock to a public fund.
That wording presents the policy as a form of shared ownership. Different languages emphasizing government control, shareholder dilution, or mandatory transfers could yield different results.
Still, the finding gives Sanders a strong political argument. Public ownership of private technology companies has rarely attracted majority support in modern U.S. politics.
Bill targets major AI businesses.
The legislation would apply to companies earning more than $200 million annually through qualifying AI operations. Those activities could include AI services, data centers, computing infrastructure, and advanced robotics.
Companies would pay an equity-based excise tax rather than a conventional cash tax. They would issue enough new shares to leave the public fund holding 50% of their total ownership interests.
The official American AI legislation would also require transfers after later stock issuances. That provision aims to prevent the public stake from falling below 50% as companies raise more capital.
Businesses that combine AI with unrelated operations could face restructuring requirements. The Treasury Department could require a company to separate its qualifying AI business before transferring equity.
That rule could affect companies whose AI systems operate alongside cloud services, advertising platforms or consumer products. Regulators would need to determine which revenue belongs to a covered AI business.
Public funds would wield power.
A seven-member Independent Commission for Democratic AI would manage the fund. The president would nominate the commissioners, and the Senate would confirm them.
The commission would exercise voting rights attached to the fund’s shares. It could also seek board representation at companies partly owned by the public.
Its duties would include protecting workers, ensuring public safety, promoting fair competition, supporting environmental sustainability, and maintaining financial stability. It would have to disclose major votes and governance decisions.
Those powers make the proposal broader than a public investment account. Federal representatives could influence decisions involving automation, product deployment, data use, and workplace policies.
The bill includes conflict-of-interest restrictions and limits on partisan control. No more than four commissioners could belong to the same political party.
Sanders projects a $7 trillion fund.
Sanders estimates that the transferred shares could create a fund worth about $7 trillion at current valuations. The plan would authorize annual distributions equal to 5% of the fund’s average value, minus administrative costs.
Congress would decide how to divide that money. The bill permits direct payments and spending on health care, housing, education, and environmental programs.
Sanders has said the fund could provide payments exceeding $1,000 annually for each American. The final amount would depend on company valuations, investment performance, and future congressional decisions.
The $7 trillion estimate is not guaranteed revenue. Many leading AI companies remain privately held, making their values difficult to measure.
The fund could also face a liquidity problem. Private shares may rise sharply in value without producing enough dividends to finance large annual payments.
Job concerns drive debate.
The plan arrives as businesses expand AI investment and workers confront possible automation. Economists disagree over how quickly the technology will eliminate positions or create new ones.
AI could displace about 15 million U.S. workers, or roughly 9% of the labor force, during a decade-long transition. The current AI displacement estimate describes workers leaving their existing positions and seeking new employment, not permanent unemployment for all 15 million workers.
Sanders argues that public ownership could provide investment income if automation weakens wage income. Supporters also say it would allow households without large stock portfolios to share in AI growth.
Critics warn that forced 50% dilution could discourage investment. Companies could move operations, delay expansion, or restructure businesses to avoid the revenue threshold.
Federal ownership could create another conflict. The government would regulate companies while benefiting from their rising value and participating in corporate decisions.
Private investors could also become less willing to finance expensive AI research. That pressure could give overseas competitors an advantage if they operate under less restrictive ownership rules.
Bill awaits congressional action.
The measure must pass both chambers of Congress and receive presidential approval before taking effect. Treasury officials would then need rules covering valuations, qualifying revenue, company restructuring, and annual distributions.
Other proposals include smaller public stakes, automation taxes, industry-funded trusts and direct dividends. Sanders’ bill goes further by combining equal public ownership with voting rights and potential board representation.
No congressional vote has been scheduled. The American AI Sovereign Wealth Fund Act remains pending as lawmakers debate AI regulation, worker protections and the distribution of technology-driven wealth.
