US President for Life hopeful Donald Trump‘s excursion into nationalizing businesses didn’t start with Intel. The US Government’s “Golden Share” in US Steel gives Trump veto power over any decision the company makes. This power is to pass to the Treasury and Commerce Departments after he leaves office (CNBC). This was part of the purchase agreement the government negotiated of US Steel by Nippon Steel US.
The US Government under Trump now holds the largest stake in MP Materials. This company owns the only rare earth mineral mine in California. The acquisition of these shares bypasses federal law. By declaring a national emergency Federal Acquisition Regulation, Cost Accounting Standards, the Competition in Contracting Act and the Truthful Cost or Pricing Data Statutes no longer apply (E&E News).
- J.D. Tuccille: Donald Trump, socialist National Post