Paul Pelosi, the husband of House Speaker Nancy Pelosi, purchased $5 million in stocks of a computer chip company, ahead of a Senate vote that could heavily subsidize the semiconductors industry.
Pelosi’s Husband Invested Millions
According to the latest financial disclosures, Paul Pelosi bought 20,000 shares of a leading semiconductor company, Nvidia, on June 17.
This comes at a time when the Senate is ready to vote for a bipartisan bill that will give a $52 billion subsidy to the domestic semiconductor industry.
Nvidia is a multinational tech company that is heavily reliant on semiconductors
Rep. Ralph Norman stated it is “horrible” to see Paul Pelosi’s latest attempt to buy the stocks that could go significantly high in demand after the passing of the bill.
Norman also added the House Speaker is certainly aware of the timing of legislation in the Senate, which helped her husband in making the seven-figure “impropriety” investment into the chip manufacturing sector.
Paul Pelosi, the husband of @SpeakerPelosi, purchased up to $5 million in stocks for a top semiconductor company, adding to his stock investments just days ahead of a Senate vote that would boost the U.S. chip-manufacturing industry.
— Washington Examiner (@dcexaminer) July 17, 2022
Similarly, left-wing lobbyist Craig Hoiman noted this attempt of Paul reveals he has inside information regarding legislation that is supposed to boost the semiconductor business in the country.
Hoiman further asserted there is an exclusive app that tracks Paul’s stock spending so his followers could make similar purchases to get the maximum benefit from the stock market.
Pelosi Has a History of Using Spouse Position for Stock Trading
The bipartisan China competitiveness bill has already been passed by the House in February this year. It is likely to pass the Senate easily.
Previously, Senate Minority Leader Mitch McConnell threatened Democrats to give up on their partisan social spending bill if they want to pass the semiconductor bill.
Now, since Democratic Senator Joe Manchin is not voting for the climate and tax provisions of the social spending agenda, the semiconductor bill will easily pass the 60-vote threshold needed to enact any bill in the presence of the Senate filibuster.
The financial disclosure also revealed that Paul Pelosi sold nearly $250,000 worth of Apple stocks and almost $5 million of Visa stocks last month.
Paul Pelosi just purchased loads of computer chip stock. Vote in this week. Coincidence?
— Mary Anne Heaps (@maheaps199) July 16, 2022
Congress is already discussing the idea of banning immediate relatives of lawmakers from stock trading. They can get inside information into much legislation, which helps them in knocking out their competition.
Nancy Pelosi, whose husband is a professional stock trader, previously dismissed this idea, stating no one should be disallowed to participate in the free economy.
However, after seeing the public backlash against her statements, Pelosi welcomed the idea of crafting legislation that could restrict lawmakers’ spouses from trading stocks.
This is not the first time that Paul Pelosi is making headlines regarding controversial stock trading activities.
In January this year, Google searches for the term “Pelosi stock trades” broke all the previous records, as investors tried to get insights into Pelosi’s stock portfolio to maximize their own profits.