Sen. Warren’s letter to Secretary Lutnick about the Intel investment:
The Honorable Howard Lutnick
SecretaryDepartment of Commerce
1401 Constitution Ave. NWWashington, D.C. 20230
Dear Secretary Lutnick:
I write with great concern about President Donald Trump’s decision to invest $8.9 billion of taxpayer dollars in Intel, taking a 10% stake in the company, without any conditions or safeguards to ensure that American workers and taxpayers benefit. Intel is a failing company. After spending years focused on chasing short-term profits at the expense of long-term investments in its competitiveness, the company’s share price fell 60 percent last year. Yet the President has handed billions of dollars to Intel, with no meaningful strings attached.
The Biden Administration, as part of its implementation of the CHIPS Act, awarded Intel nearly$8 billion in 2024. That grant came with a clear deliverable: Intel was to invest over $100 billion in new fabs and facilities across the country.1 It also came with specific guardrails to protect the public. Under the agreement, Intel agreed to generally refrain from stock buybacks for five years, 2 work closely with labor unions, and expand affordable childcare. 3 If Intel made excessive profits from its investments, the government would share a portion of those profits. 4 And the entire agreement was enforceable, with specific milestones that Intel would need to achieve before it receives the next disbursement of public funds.
.......
The Honorable Howard Lutnick
SecretaryDepartment of Commerce
1401 Constitution Ave. NWWashington, D.C. 20230
Dear Secretary Lutnick:
I write with great concern about President Donald Trump’s decision to invest $8.9 billion of taxpayer dollars in Intel, taking a 10% stake in the company, without any conditions or safeguards to ensure that American workers and taxpayers benefit. Intel is a failing company. After spending years focused on chasing short-term profits at the expense of long-term investments in its competitiveness, the company’s share price fell 60 percent last year. Yet the President has handed billions of dollars to Intel, with no meaningful strings attached.
The Biden Administration, as part of its implementation of the CHIPS Act, awarded Intel nearly$8 billion in 2024. That grant came with a clear deliverable: Intel was to invest over $100 billion in new fabs and facilities across the country.1 It also came with specific guardrails to protect the public. Under the agreement, Intel agreed to generally refrain from stock buybacks for five years, 2 work closely with labor unions, and expand affordable childcare. 3 If Intel made excessive profits from its investments, the government would share a portion of those profits. 4 And the entire agreement was enforceable, with specific milestones that Intel would need to achieve before it receives the next disbursement of public funds.
.......
