Sen. Bernie Sanders (I-Vt) has proposed a bill aimed at granting the American public ownership in the nation’s leading artificial intelligence (AI) companies.
Sanders, on Monday, has put forth the American AI Sovereign Wealth Fund Act proposal. This proposed legislation would establish a federal fund, not filled with cash, but with stock, procured through a one-time equity transfer of 50% from AI companies such as OpenAI, Anthropic, and xAI to the government.
The fund would hold voting shares and have equal board representation in each company, thereby having the power to veto decisions considered detrimental to the public.
He contends that AI, trained on the collective knowledge and labor of Americans, often without consent or compensation, should share its financial rewards with the public instead of concentrating wealth among AI leaders such as Elon Musk, Sam Altman, Dario Amodei, and others.
The fund’s revenue would be directly distributed to Americans as cash payments. As the fund expands, Sanders proposes that the proceeds could be used to support wider public goods, including healthcare, education, and housing. He points to Norway’s sovereign wealth fund and Alaska’s Permanent Fund Dividend as successful examples of this idea.
OpenAI, xAI and Anthropic did not immediately respond to Benzinga’s requests for comments.
Lawmakers Push AI Oversight
This proposal comes amid growing concerns over the rapid development of AI. In May, Sanders expressed that 70% of Americans believe AI is advancing too quickly, with 77% fearing the elimination of entire industries.
He also issued repeated warnings about AI replacing human labor and eliminating millions of jobs. warned that AI, automation, and robotics are increasingly replacing workers in industries such as transportation and manufacturing. Citing technologies like self-driving vehicles and factory robots, he argued that the primary function of AI and robotics is to substitute human labor.
Not only Sanders but Illinois Governor JB Pritzker is also advancing legislation to regulate AI, positioning the state at the forefront of AI oversight. voiced support for Senate Bill 315, saying he looks forward to signing it into law. Pritzker said Illinois is leading efforts to hold Big Tech accountable and stressed the need for safeguards as AI systems play a growing role in people’s lives.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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