Bernie Sanders unveils $7 trillion plan to give Americans control of AI industry - Ars Technica

Senator Bernie Sanders has unfurled a monumental piece of legislation, the American AI Sovereign Wealth Fund Act, demanding a one-time 50% stock transfer from the nation's largest AI companies to create a nearly $7 trillion public fund. Introduced on June 18, 2026, this plan aims to grant American citizens direct ownership and control over the burgeoning artificial intelligence sector, with a projected annual payout of over $1,000 per person and funding for public services. It represents an aggressive push to democratize AI's immense wealth, challenging the concentration of power among a handful of tech oligarchs. The initiative posits that AI's foundation lies in humanity's collective knowledge, arguing its economic rewards should be universally shared rather than privatized. The proposed fund would be managed by an Independent Commission for Democratic AI, empowered to influence corporate decisions and safeguard public interest. This bold move by Sanders arrives amid surprising, albeit less radical, cross-ideological interest in public stakes in AI from figures like President Donald Trump and OpenAI CEO Sam Altman, signaling a growing consensus on the need to distribute AI's benefits. Conversely, Meta Platforms has reportedly maintained distance from such government ownership ideas, prioritizing policies enabling AI's growth over financial partnerships. While hailed by supporters as a critical step toward economic equity and democratic governance of AI, the legislation faces an uphill battle in Congress, with critics warning of market distortion and disincentives for innovation. The debate is now squarely focused on who will ultimately control and benefit from AI's transformative power, and how the public can be cushioned against potential job displacement. Observers will be closely watching for industry responses, legislative maneuvers, and the broader implications for the future structure of the AI economy.