Nancy Pelosi's husband Paul slammed for buying $5M in chip stocks ahead of big chip subsidy vote
Paul Pelosi, the husband of House Speaker Nancy Pelosi, has bought $5 million in stock options on a computer-chip company that would deliver billions of dollars in subsidies to boost the chip-manufacturing industry. Since Pelosi's big move has come just days before the upcoming Senate vote on the chip subsidy bill, it has raised concerns among many considering the businessman may now have access to some inside legislative information.
According to a financial disclosure report released on July 14 by the speaker’s office, the 82-year-old Paul purchased around $5 million, or 20,000 shares of NVIDIA. The document from the Clerk of the House of Representatives shows the stock trades that also include shares he sold from Apple and Visa. The stock NVIDIA that Paul traded, on June 17 of this year, is from the Santa Clara, California-based multinational technology company, that has been reported to be one of the most watched stocks, according to Zacks Equity Research, as per reports by Yahoo Finance.
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Craig Holman, a government affairs lobbyist for the left-wing think tank Public Citizen, told Daily Caller, “It certainly raises the specter that Paul Pelosi could have access to some insider legislative information. This is the reason why there is a stock trading app that exclusively monitors Paul’s trading activity and then its followers do likewise.”
As per DailyMail, it is unknown if Paul broke the law, leaving many questioning him of having additional input. Also, federal records indicate that Paul, who was arrested for drunk-driving in May and was charged with one count each of driving under the influence of alcohol causing injury and driving with an 0.08 percent blood alcohol level or higher causing injury, both misdemeanors, trades tens of millions of dollars worth of stock and stock options each year.
On the other hand, Reuters reported that on coming Tuesday, July 19, senators will gather to vote on a bipartisan competition bill, which allocates $52 billion to boost domestic semiconductor manufacturing and gives tax credits for production.
Bill to boost US semiconductor industry
The bill, named the US Innovation and Competition Act or USICA, builds off a previous proposal from Senate Majority Leader Chuck Schumer (D-NY) called the Endless Frontier Act. Endless Frontier was lauded as one of the first big bipartisan bills to come from the Biden administration, as per reports by Verge. The bill invests billions into emerging technology industries like artificial intelligence, semiconductors, and quantum computing in the US. At present, the bill provides $52 billion for domestic semiconductor manufacturing, also a 30 percent boost in funding for the National Science Foundation and $29 billion for a new science directorate to focus on applied sciences.
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Paul's $135 million fortune
Paul and Nancy are one of the wealthiest couples in the US. On one hand, the owner of Financial Leasing Services, Paul has a whooping fortune of approx $135 million. And on the other, last year, the House Speaker was ranked as the 14th wealthiest member of Congress with an estimated net worth of at least $46,123,051.