A new bill in Congress would enshrine into law the ability of the executive branch to buy into private companies, and create a fund to finance the purchases.
The current Senate version of the National Defense Authorization Act gives the Defense Department explicit authority to take ownership stakes in companies. A provision titled “Equity Investments and Related Matters” establishes a new “Department of Defense Equity Investment Account” within the Treasury Department, which the Defense Department can use to make equity investments in critical minerals, materials, chemicals, and batteries.
While administration officials say this move allows the Defense Department to better align its goals with the private sector and for taxpayers to earn a return if the companies do well, critics have raised concerns about establishing a legal basis for government expansion into the private sector….
Senate Defense Bill Would Establish Fund for Government to Buy Into Private Companies
