(Congress Report) – House Speaker Nancy Pelosi’s husband is once again finding himself in the limelight and it’s for all of the wrong reasons. It seems this guy just cannot keep his nose out of trouble.
According to a report from The Western Journal, Paul Pelosi has purchased a whopping 20,000 shares of a company that sells semiconductors. You might be wondering what the big deal about that is, as it doesn’t sound like something nefarious. In most cases, you’d probably be correct.
However, there is a bill that would provide some rather large subsidies for manufacturing these items that is set to make its way through Congress, with a vote in the Senate expected within a matter of days.
The move made by Paul has been dated to June, as it is listed in the financial disclosure of Nancy Pelosi that was released last Thursday.
Pelosi’s husband made the stock purchase himself, according to information gleaned from a Daily Caller report. The buy of Nvidia stock has been priced somewhere in the range of $1 million to $5 million on the disclosure form.
“Paul Pelosi ‘exercised 200 call options (20,000 shares) expiring 6/17/22 at a strike price of $100,’ according to the document. Nancy Pelosi herself doesn’t buy stocks, according to an October 2021 report from Yahoo,” the Western Journal reported.
According to the Western Journal, Nvidia is one of the world’s largest producers of semiconductors.
“In February, the House passed a large bill aimed at improving the U.S. competition with China legislation, titled the ‘America COMPETES Act,’ according to The Hill,” the report said.
The differences between the two bills are currently being worked out through conference committees.
“The Senate is set to consider a smaller version of its legislation, focused specifically on boosting domestic manufacturing of semiconductors, including billions in federal subsidies, according to Reuters. A vote in the Senate could come as early as Tuesday, Reuters reported,” the Western Journal reported.
During a news conference held last Thursday, Speaker of the House Nancy Pelosi stated that she’s still in favor of the larger bill’s approach, however, she did not rule out the smaller legislation, according to information from The Hill.
“The proposal is intended to buff the competitiveness of the American semiconductor industry. Its backers warn of the economic and security risks of Chinese competitors,” the report added.
Pelosi has been criticized repeatedly for the stock trading activities that her husband has been engaged in, especially as his success in investing has led to allegations of insider trading.
It would not at all be a shock to find out that Paul Pelosi was making his fortune illegally. Our system of government was not designed so that public servants like Nancy and her family could get wealthy.
She’ll be leaving Congress with a lot more money than she came in with, and that’s the rub.
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