A bill that provides more than $50 billion in subsidies for domestic semiconductor production is set to hit the House floor roughly a month after Speaker Nancy Pelosi's (D., Calif.) husband purchased up to $5 million in a company that could benefit from the legislation.
Paul Pelosi on June 17 exercised options worth between $1 million and $5 million in Nvidia, a company involved in the semiconductor industry, according to congressional filings. Nvidia's value has increased by about 11 percent since Pelosi purchased the stock, netting him and his wife up to half a million dollars in a month. Nvidia's stock on Tuesday climbed an additional 4 percent as news broke on the subsidies bill.
Pelosi has a long history of making "timely" purchases in companies that his wife has worked to subsidize. Just this year, he cashed in on millions of dollars in Tesla stock as the speaker lobbied for electric vehicle subsidies, the Washington Free Beacon reported. Internet stock traders have made a recurring joke out of the Pelosis' frequent windfalls, with some suggesting the speaker is "making the big bucks off of insider information," Business Insider reported in December.
Nancy Pelosi, who long opposed a congressional stock-trading ban, in February reluctantly expressed support for one after bipartisan pushback. While around 70 percent of Americans support such bans for both lawmakers and their spouses, legislation has stalled on Capitol Hill.
Pelosi's office responded to press inquiries by playing down her involvement in the trades.
"The speaker does not own any stocks," a spokesman told Fox Business. "As you can see from the required disclosures, with which the speaker fully cooperates, these transactions are marked 'SP' for spouse. The speaker has no prior knowledge or subsequent involvement in any transactions."
Published under: Nancy Pelosi , Stock Market