Democratic House Speaker Nancy Pelosi’s husband Paul recently purchased millions of dollars worth of stock in chip companies, just as the Senate considers the “CHIPS for America Act” –– which would provide a $52 billion subsidy for chip manufacturing, along with tax credits for manufacturers.
Pelosi’s husband purchased 20,000 shares of Nvidia in late June, according to an official financial disclosure report.
“The CHIPS Act,” is meant to help the U.S. compete with China in the semiconductor industry, ensuring America remains competitive and does not encounter supply chain issues it saw during the COVID-19 pandemic — which hindered domestic production.
The House passed the “COMPETES Act” in February, which also aimed to make American companies more competitive with China in the technology and manufacturing space.
While increasing the production capacity of semiconductors is admirable, Pelosi’s purchase of stock in Nvidia raises ethical questions about whether or not he knew additional information which wasn’t available to the public.
In recent months, Congress has come under fire for multiple instances of perceived insider trading and Nancy Pelosi said such activity was just a part of the “free market economy,” The AP reported.
Previous attempts have been made to rein in stock purchases by members of Congress. “The 2012 Stock Act,” which passed with a bipartisan majority, bars the use of insider information and requires stock purchases to be reported to Congress within 45 days.
Despite the bill being on the books for a decade, not a single member of Congress has been prosecuted for stock trades.
Additionally, the “Stock Act” does not put any limitations on purchases by family members — with Pelosi even saying spouses shouldn’t be barred from trading stock, according to CBS News.
Paul Pelosi has been at the center of controversy in recent months following a drunk driving accident in May and was eventually released on a $5,000 bail.
With controversy continuing to engulf Speaker Pelosi, members of both parties have attacked her for potential insider trading. Republican Rep. James Comer (R-KY) told “Fox & Friends” that “this is another bad example of Nancy Pelosi’s leadership.”
Additionally, there is legislation currently in Congress banning stock ownership and trading by its own members.
“The Ban Conflicted Trading Act” is supported by members on opposite sides of the aisle, with Rep. Matt Gaetz (R-Fla.) and Rep. Alexandria Ocasio Cortez (D-NY) both sponsoring the legislation.
Congressional leadership seems unwilling to take up this bill, however, as Speaker Pelosi’s family continues to benefit from unsupervised stock trading, while the American people suffer high gas prices, skyrocketing inflation and a crater in the level of overall confidence in U.S. leadership.
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