Paul Pelosi, the husband of House Speaker Nancy Pelosi (D-CA), purchased up to $5 million in stocks for a top semiconductor company, adding to his stock investments just days ahead of a Senate vote that would boost the U.S. chip-manufacturing industry.
Paul Pelosi made the purchase in late June around the same time he sold portions of stocks in Apple and Visa, according to a financial disclosure report filed by the House speaker. The avid stock trader spent between $1 million and $5 million to purchase 20,000 shares of semiconductor company Nvidia, raising questions about whether Pelosi has knowledge about legislation that could deliver gains to the industry.
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“It certainly raises the specter that Paul Pelosi could have access to some insider legislative information,” Craig Holman, a government affairs lobbyist, told the Daily Caller. “This is the reason why there is a stock trading app that exclusively monitors Paul’s trading activity and then its followers do likewise.”
The disclosure comes just days before the Senate is expected to begin voting on a bill that would boost the U.S. computer chip manufacturing industry to compete with China more aggressively.
The House passed the America COMPETES Act in February, seeking to aid industries deemed necessary to compete with China in technology and manufacturing. The legislation would allocate $52 billion to boost semiconductor chip production and another $45 billion to support supply chains.
The bill is Nancy Pelosi’s version of the Innovation and Competition Act that passed the Senate with bipartisan support in June 2021. It is supported by President Joe Biden.
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Paul Pelosi has made headlines in recent months after being arrested in June on charges of driving under the influence of alcohol causing injury and driving with a 0.08% blood alcohol level, according to the Napa County District Attorney’s Office.
The House speaker’s office did not respond to a request for comment by the Washington Examiner.