House Speaker Nancy Pelosi’s husband Paul was blasted for buying $5 million of shares in a chip manufacturer days before a legislative vote that could hand $52 billion to semiconductor producers.
On June 17, 2022, Paul purchased 20,000 shares, of NVIDIA, considered one of the world’s largest semiconductor companies, according to the report.
The stock NVIDIA, (NVDA) that Paul traded 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, Yahoo Finance reported.
The disclosure reveals that the stock that is estimated to be worth between $1 million and $5 million, which Nancy filed with the House of Representatives on Thursday, Insider reported.
There’s no suggestion that Paul broke the law – but some have questioned whether he may have additional information as to how the upcoming Senate vote will go.
Craig Holman, a government affairs lobbyist for the left-wing think tank Public Citizen, told the Daily Caller News Foundation that ‘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,’ he said.
The document from the Clerk of the House of Representatives show the stock trades that Paul Pelosi made in 2022 that also include shares he sold from Apple and Visa
A mugshot of Paul Pelosi after he was arrested for drunk driving in Napa County, California
Federal records indicate that Paul, who was arrested for drunk-driving in May, trades tens of millions of dollars worth of stock and stock options each year.
On Tuesday, 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, Reuters reported.
A shortage of chips has caused disruption in the automotive and electronics sectors forcing some companies to scale back its production. Many companies believe the shortage will linger until late 2023.
The recent trades done by the House Speaker’s husband comes at a time when Congress is contesting whether lawmakers and their spouses should be able to buy, sell or hold individual stocks at all.
The Pelosi’s are among the wealthiest congressional couples, according to reports.
Paul Pelosi, owner of Financial Leasing Services, has amassed a personal fortune of around $135 million.
In 2021, the House Speaker is ranked as the 14th wealthiest member of Congress with an estimated net worth of at least $46,123,051, Insider reveals.
The Pelosi’s (pictured) in a photo at The Kennedy Center Honors are among the wealthiest congressional couples, according to reports
Pelosi’s accident made news at the time. The San Francisco Examiner reported it on Page 6 in its February 23, 1957 edition saying David had warned Paul to slow down
In May, Paul Pelosi was arrested for driving while intoxicated.
He was driving his 2021 Porsche home from a dinner party when he pulled on to State Route 29 into the path of Jesus Lopez, 48, who was driving north in Jeep.
Photos from the scene, obtained by ABC News, showed that the vehicles crashed into a wooden fence.
After his arrest he posted bail at $5,000 and he was released.
At the time, Pelosi’s lawyer said: ‘Mr. Pelosi was fully cooperative with California Highway Patrol officers who arrived a few minutes later.’
Sixty-five years ago, when Paul was 16, he accidentally killed his older brother, David, 19, who was a passenger, in a vehicle he was driving.
The fatal crash happened in Northern California in February 1957 when the sports car Paul was driving recklessly flipped over.
A high school sophomore at the time, Paul was cited for misdemeanor manslaughter. In the end there was no court case and he was exonerated by a coroner’s jury, according to a decades old newspaper report.
Before the fatal wreck, his brother had urged his younger brother to drive slower as they approached a tight curve on California’s Skyline Highway, according to a patrolman quoted by the San Francisco Examiner.
Paul broke his collarbone in the crash but his brother was strangled by a brace he wore to support a neck fracture he sustained in a diving accident.