Just before House legislators are scheduled to consider laws involving taxpayer subsidies for American semiconductor production, the latest document by House Speaker Nancy Pelosi reveals her funder is her husband, Paul Pelosi.
Paul Pelosi likewise sold nearly $5 million worth of stock of graphics processor giant Nvidia.
Pelosi revealed in a monthly transaction form she signed on Tuesday that her husband sold 25,000 stocks of Nvidia for an overall loss of $341,365, at an average price of $165.05.
The value of the shares, as a whole, ranges from $1 million to $5 million.
Paul Pelosi bought 200 calls and puts, or 20,000 units of Nvidia, with a $100 market price and a June 17, 2022 expiration date, per a previous report this month. This was done for a value somewhere between $1 million and $5 million.
Ban stock trading by members of Congress & their spouses. Call it the Pelosi Act https://t.co/pMpl4sQC6N
— Josh Hawley (@HawleyMO) July 18, 2022
As per the speaker’s statement, Paul Pelosi also traded some of his shares in Apple and Visa at the same moment.
Paul Pelosi is the owner and operator of a real estate and consultancy business in San Francisco.
While Pelosi has been under fire recently over stock market activities, the financier’s acquisition of Nvidia shares in June aroused concerns about whether he would have insider knowledge of the bill.
To be clear, market manipulation is already a significant federal criminal and civil offense. The House Speaker is said to vehemently support the Department of Justice and the Security and Exchange Commission in vigorously enforcing the appropriate laws.
CHIPS approved by Senate
Pelosi, who has an average total value of at least $46 million, is the 14th richest member of Congress, according to Business Insider research from 2021.
The CHIPS (Creating Helpful Opportunities to Produce Semiconductor Materials for America) Act of 2022 was approved by the Senate a day before the most recent regulatory submission.
The law, which was approved on July 27 by a vote of 64-33, allocates $280 billion in funds to support domestic chip development and production. Of that, $52 billion is expected to go to companies that make microchips.
Additionally, the plan would pay more than $170 billion over a five-year period to support American science studies so it can compete with China.
The House will now discuss the bill.
Hammill responded in a letter to The Hill when questioned about Paul Pelosi’s selling of shares at the very same time the Senate was getting ready to vote on the most recent legislation:
“Mr. Pelosi purchased opportunities to buy stock in this firm more than one year ago and executed those on June 17, 2022.”
Nancy Pelosi and her husband made over 100 million on the semiconductor bill congress just passed. If any of us did this we would be headed to jail.
— Larry Hammer (@LarryHammer12) July 27, 2022
“As usual, he waits to raise these issues with the House Speaker until necessary disclosures have been produced and submitted and trades have been executed.”
“In order to stop the erroneous press coverage of this trade, Mr. Pelosi chose to sell the shares at a loss,” the source continued.