Senator Bernie Sanders has a new idea for making sure the AI boom benefits more than just a handful of billionaires: give the American public a 50% stake in the biggest AI companies. On Monday, the Vermont independent introduced the American AI Sovereign Wealth Fund Act, which would create a federal fund that doesn't hold cash, but stock—specifically, a one-time transfer of half the equity from companies like OpenAI, Anthropic, and xAI.

This wouldn't be a passive investment. The fund would get voting shares and equal representation on each company's board, giving it the power to veto decisions that could harm the public interest. Think of it as a public seat at the table where the most transformative technology of our time is being shaped.

Sanders argues that AI is built on the collective knowledge and labor of Americans—often scraped from the internet without consent or compensation—so the financial rewards should be shared broadly, not concentrated among executives like Elon Musk, Sam Altman, and Dario Amodei. The fund's revenue would be paid out directly to Americans as cash, similar to how Alaska's Permanent Fund distributes oil revenue. As the fund grows, Sanders suggests the proceeds could also fund public goods like healthcare, education, and housing, pointing to Norway's sovereign wealth fund as a model.

OpenAI, xAI, and Anthropic did not immediately respond to requests for comment.

The proposal lands amid a wave of anxiety about AI's speed and impact. In May, Sanders noted that 70% of Americans believe AI is advancing too quickly, and 77% fear it will wipe out entire industries. He's been warning that AI, automation, and robotics are already replacing workers in transportation and manufacturing, with self-driving vehicles and factory robots leading the charge. The primary function of AI, he argues, is to substitute human labor.

Sanders isn't the only lawmaker pushing for oversight. Illinois Governor JB Pritzker is advancing legislation to regulate AI, positioning his state at the forefront of AI accountability. He voiced support for Senate Bill 315, saying he looks forward to signing it into law, and stressed the need for safeguards as AI systems play a growing role in people's lives.

The bill is a long shot in a divided Congress, but it signals a growing appetite for rethinking how the gains from AI are distributed. Whether it's through sovereign wealth funds, regulation, or something else, the conversation about who owns AI is just getting started.