Speaker Nancy Pelosi’s husband purchased more than $1 million of a computer chip manufacturer’s stock just weeks before a vote is expected in Congress that will give a massive taxpayer-funded subsidy to the firm.
Paul Pelosi purchased somewhere between $1 million and $5 million worth of Nvidia stock according to a federally required disclosure filing made by Nancy Pelosi’s congressional office last Thursday. In order to make the purchase, he exercised at least 200 call options on at least 20,000 shares.
The disclosure also indicates Pelosi sold 10,000 shares of Visa worth between $1 million to $5 million. He also made 50 call options in Apple stock worth between $100,000 to $250,000 in Apple.
Nvidia is a semiconductor company chartered in Delaware and operating its headquarters in Santa Clara, California.
It was reported last week that the Senate could take up a bill that provides billions of dollars in public subsidies to the domestic semiconductor industry as soon as Tuesday. The bill includes generous tax credits in addition to chip subsidies reported to be as high as $52 billion to boost American competitiveness with China.
Both houses of Congress reportedly want to get the bill passed and on Joe Biden’s desk to be signed into law before leaving for their August recess.
Pelosi also purchased millions of dollars worth of Nvidia stock in June 2021, at about the same time it was expected the Senate was going to pass a different semiconductor subsidy bill. However, that bill did not make it to a final vote on the Senate floor.
Rep. Ralph Norman (R-SC) told the Daily Caller that Nancy Pelosi obviously would be “aware of the timing of this legislation over in the Senate.” He said that anyone connected with her who makes a seven-figure purchase of a U.S. chip company just before the vote “reeks of impropriety.”
Nancy Pelosi is one of the highest-income members of the House and is a highly active stock trader. She has recently restated her opposition to a rule banning members of Congress from trading individual stocks.
Leftist think tank Public Citizen lobbyist Craig Holman told the Daily Caller that Pelosi’s disclosure is disturbing. He said it “certainly raises the specter that Paul Pelosi could have access to some insider legislative information.” He said this type of news is why there is now an app that exclusively monitors Paul Pelosi’s trading activity so that followers can copy his moves.
Nvidia’s stock price closed Monday at $161.01 per share, up about 9.4% since last Wednesday.