Just before the Senate passed a major bill to subsidize computer chip manufacturers on Wednesday, House Speaker Nancy Pelosi’s (D-California) husband sold thousands of shares of Nvidia — a tech company that could stand to gainFrom the passage of nearly $80 billion bill.
Paul Pelosi — an extremely active stock trader who’s gained a following for his often-winning stock transactions — bought between$1 million and $5million were invested in Nvidia by the Senate during June’s debate on the bill. Then, on Tuesday, same day that the “CHIPS-plus” bill cleared a key procedural vote, Paul Pelosi sold 25,000 shares of Nvidia stock, worth an estimated $4 million.
The financial disclosure filed by Nancy Pelosi notes that her husband sold the shares at a loss of $341,365 — an unusual thing for the lawmaker to note on a disclosure statement, InsiderIt was pointed out. The publication finds that, thanks in part to her husband’s tradings, Nancy Pelosi is worth about $46 million. Other publications estimate the couple’s net worth to be upwards of $171 million.
It’s unclear if Nvidia will benefit directly from the bill, which The opposition was by lawmakers like Sen. Bernie Sanders (I-Vermont). Computer chip manufacturers had lobbiedNvidia is required to allow the bill to be passed. largely does notProduce its own chips
Regardless of Nvidia’s stake in the package, however, its stock was upEarlier this month, CHIPS-plus was approved by the Senate; last Wednesday, Looking for AlphaReports indicate that Nvidia was the biggest gainer after the bill was cleared its first procedural vote. Nancy Pelosi continues to be Nancy Pelosi voiced her supportThe stock price jumped by more than 3.5 percent for the bill last Wednesday.
Paul Pelosi’s trades have resulted in increased scrutinyfor the House speaker, who has resisted popular proposals with bipartisan support to prohibit members of Congress and their families from trading individual stocks.
It could be considered insider trading if Paul Pelosi traded stocks on the basis information that his wife was privy to because she is a prominent lawmaker. and violate federal anti-corruption laws. Nancy Pelosi recently deniedShe has never used privileged data to trade stocks with her husband.
Supporters of a congressional ban on stock trading argue that the measure would end the need for lawmakers to be scrutinized over stock trades that were too convenient and would be a significant step towards combating corruption in Congress. Rep. Alexandria Ocasio Cortez (D–New York) This year, it was earlier warnedAllowing members of Congress to trade stocks is a major optics issue. This is because Congress and other government institutions are already experiencing declining public confidence.
Both DemocraticAnd RepublicanMembers have repeatedly pushed for a ban stock trading. But Nancy Pelosi may be stopping the proposal from reaching a vote.
According to The Daily Beast, some lawmakers are saying that the reason the bill hasn’t yet come to a vote despite lawmakers having discussed it for months now is because the speaker is opposed to the idea. “The people who control the calendar don’t want to bring it to the floor,” said Rep. Abigail Spanberger (D-VA), a CosponsorOne of the stock trading ban bills that Congress recently introduced. “The people who control committees of jurisdiction don’t want to bring it to the floor.”
The California Democrat has been hesitant about the measure. This was late last year. Pelosi spoke that she opposed the proposal because the U.S. is a “free market economy” and that members “should be able to participate in that.” A month later, she made a slight shift to her position and said that, while she doesn’t “buy into it,” she would be open to passing a ban “if members want to.”
The public is embracing the idea. A poll Last month found that about 70 percent of likely voters say they support efforts to ban Congress from trading individual stocks and 68 percent support also barring members’ spouses from the practice.
