Pelosi Addresses Husband’s Eyebrow-Raising Stock Purchase
ON THIS DAY IN HISTORY…
1848: 1st US women’s rights convention held in Seneca Falls NY, organized by Elizabeth Cady Stanton and Lucretia Mott.
Paul Pelosi, the husband of House Speaker Nancy Pelosi (D-CA), purchased more than $1 million shares of computer chip company Nvidia just weeks before Congress is slated to vote on a bill that would bolster the industry.
According to a disclosure filed by Pelosi’s office, Mr. Pelosi purchased 20,000 shares of Nvidia, a semiconductor company. The Senate will soon vote on a bill that could provide up to $52 billion in subsidies to the semiconductor industry, Reuters reported.
Mr. Pelosi’s stock purchase raised eyebrows. Public Citizen lobbyist Craig Holman told the Daily Caller News Foundation that the disclosure was cause for concern.
“It certainly raises the specter that Paul Pelosi could have access to some insider legislative information,” Holman said. “This is the reason why there is a stock trading app that exclusively monitors Paul’s trading activity and then its followers do likewise.”
Fox Business asked Pelosi’s office to comment on her husband’s purchase.
“The Speaker does not own any stocks. 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,” said Drew Hammill, a spokesperson for Pelosi.
“The Speaker believes that sunlight is the best disinfectant. The Speaker has asked Committee on House Administration Chair Zoe Lofgren to examine the issue of Members’ unacceptable noncompliance with the reporting requirements in the STOCK Act, including the possibility of stiffening penalties,” Hammill said.
“To be clear, insider trading is already a serious federal criminal and civil violation and the Speaker strongly supports robust enforcement of the relevant statutes by the Department of Justice and the Securities and Exchange Commission,” he added.
“The Speaker led the House in passing the bipartisan Courthouse Ethics and Transparency Act, which would subject federal judges to similar disclosure requirements as those in the STOCK Act. President Biden signed this bill into law in May.”
Still, some lawmakers take issue with the purchase.
“The average member of Congress may buys $5,000 or $6,000 of stock. He’s buying $500,000 worth of stock. He’s buying stock options which expire. To be able to trade stock options profitably, you have to know exactly which direction that stock’s going to move, and you can make a huge profit. This is wrong. This is another example of the media turning a blind eye to Nancy Pelosi’s bad behavior and unethical behavior,” Comer said.