Paul Pelosi, husband of House Speaker Nancy Pelosi, reportedly bought US$1 million worth of additional stocks from American microchip maker Nvidia (NASDAQ: NVDA) a day before the Senate was scheduled to vote on the CHIPS act, or the legislation that aims to support the semiconductor industry by providing billions of dollars in subsidies and tax credits.
On Tuesday, the senate voted to move ahead with a what Reuters reported to be a slimmed-down version of the legislation. The bill, which will effectively decrease the country’s reliance on foreign semiconductors, is one of the measures by the US government to compete against China, and address supply-chain problems.
According to the Nancy Pelosi Stock Tracker Twitter account, an account dedicated to monitoring the Pelosis portfolio, the Speaker and her husband made about US$600,000 in the last month from trading Nvidia.
Speaker Pelosi, who is a strong supporter of the CHIPS Act, has previously been slammed for allowing lawmakers and by extension their spouses, who are privy to insider information, to trade stocks.
“We are a free-market economy,” she said. “They should be able to participate in that.”
But she eventually gave in and welcomed lawmakers to draft bills. But this hasn’t stopped her headline-making husband from making trades. When Fox News reached to the Speaker’s office for comment, Drew Hammill, a spokesperson for Speaker Pelosi just said reiterated that the stocks belong to the Speaker’s spouse.
“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,” Drew Hammill, a spokesperson for Pelosi’s office, reportedly told Fox News.
The Speaker’s husband had reportedly accumulated about 20,000 Nvidia shares since last month, bringing the total value of his holdings of the chip company to over US$8 million dollars.
Information for this briefing was found via Twitter, Reuters, Fox News, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.