It’s been ten years since the STOCK Act passed, banning members of Congress from stock trading based on insider information. It’s clear that House Speaker Nancy Pelosi and her husband see themselves above this law. Paul Pelosi has purchased millions in a top semiconductor’s stock just days prior to a vote that will increase value. Will this trade, coupled with Paul’s recent drunk driving charge, finally be enough to investigate the dishonest couple?
MARKET WATCH: Nancy Pelosi’s husband buys millions worth of Nvidia stock ahead of chip-manufacturing bill vote
Weston Blasi; July 18, 2022
The husband of House Speaker Nancy Pelosi just bought as much $5 million worth of stock in software and computer-chip company Nvidia, publicly available financial disclosures show.
According to the disclosures, Paul Pelosi purchased between $1 million and $5 million worth of Nvidia stock NVDA, 3.56% on June 17.
The stock purchase comes as the Senate is expected to meet this week to discuss a bipartisan bill to boost semiconductor manufacturing in the country. The bill aims to provide grants, tax credits and other incentives for companies to manufacture semiconductors in the United States.
It’s worth noting that Nvidia designs their owns chips, but hires other companies to manufacture them and likely would not directly receive benefits from subsidies related to this congressional bill.
“The Speaker does not own any stocks,” Nancy Pelosi’s spokesman, Drew Hammill, said in a statement to Fox Business about the stock purchase on Monday. “As you can see from the required disclosures, with which the Speaker fully cooperates, these transactions are marked ‘SP’ for Spouse. The Speaker has no prior knowledge or subsequent involvement in any transactions.”
Federal law requires members of Congress to file reports within 45 days after they or their spouses buy or sell stocks with a value greater $1,000.
In 2021, Nancy Pelosi, a California Democrat, publicly opposed banning members of Congress and their families from trading individual securities. “We are a free-market economy,” Pelosi said. “They should be able to participate in that.”
Semiconductors are used in automobiles, phones, computers and many other popular items, and the U.S. relies heavily on foreign countries for a large portion of its semiconductors — the U.S. global share of semiconductor production has dropped from 37% to 12% over the last three decades, according to the AP.
Paul Pelosi, 82, made headlines recently after being charged with driving under the influence in connection with a May 28 crash in Northern California’s Napa County.
Photo: Paul Morigi / Getty Images