Sen. Bernie Sanders highlighted a poll on Monday indicating that 69% of Americans support his legislative proposal to grant the public a 50% ownership stake in the country's largest AI companies. The independent Senator from Vermont argued that the economic gains generated by artificial intelligence should benefit the broader public rather than remain concentrated among a small group of tech companies and investors. The proposal aims to establish an American AI Sovereign Wealth Fund to hold these ownership stakes.

The poll, conducted by research firm Verasight in June, surveyed 1,690 U.S. adults. It found that nearly seven in 10 respondents support requiring AI companies such as OpenAI and Anthropic to transfer half of their stock into a public sovereign wealth fund. Sanders shared the results on social media, stating that the American people understand AI must work for everyone, not just enrich a handful of Big Tech billionaires.

American AI Sovereign Wealth Fund Act

Sanders introduced the American AI Sovereign Wealth Fund Act in June. The legislation proposes creating a public fund that holds a 50% ownership stake in the nation's largest AI companies. This structure is designed to allow Americans to share in the industry's long-term financial gains. The bill is a response to concerns that the wealth generated by rapid advancements in AI technology is accruing disproportionately to corporate entities and high-net-worth investors.

Employment and Economic Impact

The proposal emerges amid growing concerns regarding AI's impact on employment. Goldman Sachs Senior Global Economist Joseph Briggs has estimated that roughly 15 million U.S. workers, or about 9% of the labor force, could lose jobs during a decade-long AI transition. While Briggs expects AI to create new jobs over time, the potential for significant displacement has fueled the debate over how to manage the economic transition.

Research firm Windfall Trust suggested that sovereign wealth funds could help governments invest in AI infrastructure and capture economic gains for citizens. However, the firm also cautioned that such funds may face difficult trade-offs between maximizing investment returns and advancing national AI priorities.

Political Reactions

The plan has drawn criticism from some technology and political figures. David Sacks, former White House AI and Crypto Czar, criticized the proposal. Ripple Chief Technology Officer David Schwartz argued that the plan amounts to an attack on free speech.

Conversely, in June, Vice President JD Vance stated that President Donald Trump supports government ownership stakes in major AI companies through a sovereign wealth fund-style model. Elon Musk has suggested that direct cash payments to Americans would be a better approach than acquiring equity stakes.

Senate Minority Leader Chuck Schumer accused President Donald Trump of supporting a potential September government shutdown to pressure Republicans into passing the SAVE Act. Schumer stated that Trump wants to force Senate Republicans to pass the legislation, which Democrats claim could limit voting access ahead of the 2026 midterm elections. The accusation centers on the belief that the bill is intended to influence election outcomes.

In a post on X, Schumer said, "Donald Trump wants to shut down the government in September to force Senate Republicans to pass the SAVE Act, rig the midterm elections, and disenfranchise millions of American citizens." He further blamed Trump in advance for any potential funding lapse, noting that if the government shuts down, Trump was "cheerleading for that outcome all along."

Legislative Priorities and Funding

President Trump has tied the passage of the SAVE America Act to other legislative priorities. Last week, Trump connected the 21st Century ROAD to Housing Act and defense funding to the election legislation. He stated he would not sign the Housing Bill until Congress advanced the SAVE America Act.

"I will not sign the Housing Bill… in PROTEST over the fact that the United States Senate is not capable of passing THE SAVE AMERICA ACT," Trump said. He also urged lawmakers to prioritize the SAVE Act alongside a $350 billion defense funding package.

Political Reactions

Speaker Mike Johnson has pushed for the SAVE America Act to move through a third budget reconciliation bill, a strategy discussed with Trump that could bypass the Senate filibuster. Democratic leaders have criticized the effort, accusing Trump and Republicans of interfering with state election systems.

Gov. Tim Walz warned of "unlawful federal intrusion" into state election systems, arguing that voting oversight should remain with states. Sen. Mark Kelly opposed the legislation, stating it would restrict voting access rather than strengthen election security. Kelly argued Trump supports the bill to preserve Republican control in Congress by making voting more difficult.