‘Reeks of impropriety’: Paul Pelosi buys millions in semiconductor stocks ahead of congressional subsidy vote

According to public disclosures, House Speaker Nancy Pelosi’s (D-CA) husband Paul Pelosi purchased up to $5 million in semiconductor stock in June as the Senate prepared to vote on a subsidy bill worth $52 billion that would boost the industry, which has been riddled with shortages since before COVID-19.

Voting on the bill is scheduled to begin as soon as Tuesday, and at least one Republican said the move “reeks of impropriety” and is an effort to cash in on Pelosi’s position as speaker.

Pelosi filed a disclosure on the purchase of 20,000 shares of Nvidia, worth between $1 million to $5 million, on Thursday.

“Obviously Speaker Pelosi would be aware of the timing of this legislation over in the Senate,” Rep. Ralph Norman (R-SC) told the Daily Caller. “On the heels of that vote, for anyone in her orbit to purchase seven-figures worth of stock of a U.S.-based chip manufacturer just reeks of impropriety.”

Not illegal

While it might look improper for the husband of the House speaker to make huge stock moves like this based on how congressional legislation might go, it is not illegal to do so based on publicly known information–in this case, potential Senate votes that may or may not take place.

It turns out that Paul Pelosi purchased millions in Nvidia stock in 2021 as well, when Congress was considering another semiconductor subsidy bill. That bill was never brought up for a vote, however.

It is suspicious how the Pelosis have become millionaires during the time she has been in Congress, but these particular transactions were not insider trading or anything else against the law.

Anyone who has been paying attention to what’s happening in Congress could easily have done the same thing Paul Pelosi did, if they had $1-5 million to throw around. How he got the millions in the first place would be a much more interesting question.

Will it pass?

In the case of Nvidia, it’s pretty safe bet that if the legislation passes and becomes law, the semiconductor stock will go up significantly, but the fate of the bill is still up in the air as of last week.

On Monday, Sen. Republican Leader Mitch McConnell (R-KY) warned that Democrats’ pursuit of a separate social spending, tax, and climate bill could jeopardize the subsidy.

Secretary of Defense Lloyd Austin urged the Senate to pass the bill, saying, “Weapon systems employed on the battlefields of today and emerging technologies of tomorrow depend on our access to a steady, secure supply of microelectronics.”

The bill would also spend $200 billion to help the U.S. be more competitive with China, but it’s possible that the chip subsidy will end up being carved out of the larger bill.

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