Paul Pelosi buys tech chip stocks ahead of big subsidy vote
The House Speaker’s husband, Nancy Pelosi, bought up to $5 million worth of stock options on a computer chip company ahead of a vote on legislation next week that would provide billions in grant dollars to boost the chip manufacturing industry, new financial disclosures show.
Paul Pelosi bought 20,000 shares of Nvidia, a leading semiconductor company, worth between $1 million and $5 million on June 17, the daily caller reported, citing disclosure reports filed by the Speaker of the House.
Senators are expected to meet as early as Tuesday to vote on a bipartisan competition bill to set aside $52 billion to boost domestic semiconductor manufacturing and provide production tax credits, Reuters reported.
“It certainly raises the specter that Paul Pelosi could have access to insider legislative information,” Craig Holman, government affairs lobbyist for the left-wing think tank Public Citizen, told the Daily Caller News Foundation. “That’s why there’s a stock trading app that exclusively monitors Paul’s trading activity and then his followers do the same.”
Pelosi, an avid stock trader who could face jail time for alleged drunk driving after he was in a car accident in May, also sold 10,000 Visa shares worth between $1 and $5 million and 50 call options on Apple worth between $100,000 and $250,000, records show.
Pelosi’s office did not immediately respond to a request for comment.