President Joe Biden signed the $280 billion CHIPS Act — a bill aimed at increasing domestic high-tech manufacturing and production to compete with China — into law on Tuesday, while the nation was distracted by headlines about the Federal Bureau of Investigation’s (FBI’s) raid on former President Donald Trump’s estate.
Democrats were hit with negative headlines of their own related to the CHIPS Act before Biden provided his signature — and before the raid — in the form of media stories surrounding House Speaker Nancy Pelosi (D-Calif). Specifically, her husband’s purchase of $5 million worth of stock.
Trades that were potentially executed using her inside knowledge as Speaker, to determine the bill’s contents and when it was set to become law.
Even comedian and Hollywood actor Russell Brand recently attacked Pelosi for her actions.
“Today we’re talking about Nancy Pelosi and the stock market,” Brand began. “She has been confronted with the grim truth that possibly some people believe that Nancy Pelosi’s trading deals, or the Pelosi family’s trading deals, are somewhat benefiting from Nancy Pelosi’s insider information.”
“So while the Congress is debating whether or not to give billions of dollars of support to the chip industry, Paul Pelosi has invested in a company that benefits from profits in the chip industry.” he added.
“Now, if you see a connection between Nancy Pelosi debating about whether to give billions of dollars of support, to the chip industry, and Paul Pelosi invested in the chip industry, you’re obviously some sort of conspiracy theorist, are you?” Brand continued, in a sarcastic tone.
Sen. Josh Hawley (R-Mo,) also sent a letter to Chairman Gary Peters (D-Mich.) of the Senate Homeland Security and Governmental Affairs Committee late last month, requesting a hearing into proposals for a ban on Congressional insider trading.
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The letter came almost immediately after Paul Pelosi purchased 20,000 shares of Nvidia stock ahead of Congress’s consideration of the “CHIPS for America Act” – which was reportedly said to provide a $52 billion subsidy for chip manufacturing, along with tax credits for manufacturers at the time.
Hawley said he hopes a hearing can yield, “bipartisan, bicameral solutions to banning insider stock trading by Members of Congress and their spouses,” for future instances where the moral areas become gray and ambiguous.
The Missouri Republican focused on Pelosi in his letter writing, “This specific trade raises serious questions, but it’s nothing new.”
“The future of the chip industry is going to be made in America,” Biden said at the Rose Garden ceremony for the bill’s signing, according to The Associated Press.
The Senate reportedly passed the bill by a final tally of 64-33, with 17 Republican senators supporting it, while in the House — the measure was met with 243-187 vote. The 24 House Republicans and 17 senators who voted yes, did so despite a likely red wave coming this November.
“The CHIPS and Science Act is going to inspire a whole new generation of Americans to answer that question: What next?” Biden added at the signing ceremony. “Decades from now, people will look back at this week and all we passed and all we moved on, that we met the moment at this inflection point in history.”
The AP also stated Biden appeared to be struggling with some symptoms from his recent COVID-19 diagnosis which the White House said forced him into isolation. He was coughing heavily several times during his remarks and even apologized at one point for the frequent interruptions.
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