Voters question federal stock stakes as Trump expands U.S. holdings

Many U.S. voters are uneasy about Washington becoming a shareholder in American companies, according to CNBC’s latest All-America Economic Survey. For everyday investors, that matters because federal ownership can affect how a company is funded, governed and valued in the market.

An equity stake means owning part of a company, much like a shareholder does. CNBC’s poll found 49% of registered voters said it is not appropriate for the federal government to own pieces of U.S.-based companies, while 19% said it is appropriate. Another 32% said they were undecided.

The survey was conducted July 8-12 among 1,000 registered voters nationwide, CNBC said. It carries a margin of error of plus or minus 3.1 percentage points and was conducted with Hart Research Associates and Public Opinion Strategies.

Washington’s growing corporate portfolio

The voter skepticism comes as the Trump administration has struck 30 deals totaling nearly $27 billion, according to the Council on Foreign Relations, a nonpartisan think tank. CNBC has also reported that the administration has discussed a potential government stake in OpenAI if the artificial intelligence company goes public.

The biggest example so far is Intel. The U.S. government took a 10% stake in the chipmaker in August after it had already agreed to provide $8.9 billion in grants under legislation passed during the Biden administration. The Trump administration sought equity in return, arguing that taxpayers should share in any potential gains.

That Intel position has become much more valuable. CNBC reported that the original $8.9 billion stake had risen 372% and was worth $42 billion as of Thursday’s market close.

For investors, the mechanism is straightforward: a government stake can bring capital and political support, which may improve sentiment around a company. It can also add new questions about decision-making, because the government may care about national security, jobs or supply chains in addition to shareholder returns.

Republicans urge limits

Commerce Secretary Howard Lutnick discussed the Intel stake with Senate Republicans at a policy lunch last week, CNBC reported. Some GOP senators backed caution even as the policy comes from a Republican administration.

Sen. John Hoeven, R-N.D., said after the meeting, “We have to be careful about that,” according to CNBC. He said he understood Lutnick’s view that the stake could create value for taxpayers, but added, “I’d want to be cautious in this area.”

Sen. Jon Husted, R-Ohio, also raised concerns. CNBC reported that Husted said government stakes can make sense “from a national security standpoint and from a taxpayer standpoint,” but said they “shouldn’t be permanent.” Husted is sponsoring legislation that would allow federal investments in companies for national security reasons, limited to eight years.

National security is a central argument for some of the deals. The Pentagon has backed MP Materials, a U.S.-based rare earths miner, as China has increased control over rare-earth mining. Rare earths are minerals used in advanced military technology, including fighter jets and drones.

Political divide remains clear

CNBC’s survey found Democrats were more likely than Republicans to oppose federal equity stakes. Sixty-six percent of Democrats said the practice was not appropriate, compared with 34% of Republicans.

Among self-identified MAGA Republicans, opinion was split. CNBC found 31% said government ownership stakes are appropriate, 31% said they are not, and 38% had no opinion.

The latest results show some movement since CNBC’s October 2025 survey. At that time, 56% of voters said federal ownership of part of a private company was not appropriate, 13% said it was appropriate and 31% had no opinion.

Critics argue that government support can make a company look more attractive in the short run while reducing competitiveness over time. CNBC cited U.S. Steel as an example often raised in that debate: the company was taken private by a Japanese firm in 2025, while the U.S. government received a “golden share” that gives it veto power over certain business decisions.

ProPublica reported in May that the White House urged the Pentagon to support Vulcan Elements, a defense startup backed by a firm linked to Donald Trump Jr. The Pentagon issued Vulcan a $620 million loan, according to a Pentagon release. A White House official called ProPublica’s account “fake news on steroids,” and a spokesperson for Donald Trump Jr. said he was not personally involved in the deal and does not discuss his investments with federal officials.

This story draws on original reporting from CNBC.