House Speaker Nancy Pelosi’s husband is attracting the wrong attention – again.
Paul Pelosi bought 20,000 shares of a semiconductor company as a bill to provide generous subsidies for their production is passing Congress, with a Senate vote expected. within days, according to reports.
The move, which took place in June, was listed in Thursday’s financial release by Nancy Pelosi.
Paul Pelosi bought his own stock, according to the Daily Caller.
Nvidia’s stock purchase is valued between $1 million and $5 million according to the disclosure form.
Pelosi’s husband buys up to $5 million in chip stock by voting for billions of dollars in chip subsidies expected next week
Paul Pelosi “exercises 200 call options (20,000 shares) expiring June 17, 22 at an actual price of $100,” according to the document. Nancy Pelosi herself is not buying stock, according to an October 2021 report from Yahoo.
Nvidia is one of the largest semiconductor manufacturers in the world.
In February, the House of Representatives passed a major bill aimed at improving U.S. competition with Chinese legislation, called the “American COMPETITIVE Act,” according to The Hill.
The Senate last year passed another version of that legislation, called the “American Competition and Innovation Act” or USICA, The Hill reported.
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Differences between these bills are being made in conference committees.
The Senate is set to consider a smaller version of its legislation, specifically focused on boosting domestic semiconductor production, including billions of federal subsidies, according to Reuters. A vote in the Senate could take place as early as Tuesday, Reuters reported.
At Thursday’s press conference, Pelosi said she still supports a larger approach, but did not rule out a smaller bill, according to The Hill.
This proposal aims to enhance the competitiveness of the US semiconductor industry. Its advocates warn of the economic and security risks of Chinese competitors.
Nancy Pelosi has been criticized for her husband’s stock trading practices, with his success in investing, fueling accusations of insider trading.
Pelosi initially rejected calls to ban members of Congress from trading individual stocks.
However, she eventually agreed to the idea. It is unclear if she supports such a ban being applied to her husband.
The nonprofit watchdog group Open Secrets estimated Nancy Pelosi’s net worth at $114 million in 2018, mostly from her husband’s real estate and investment firms.
But Paul Pelosi may have more immediate concerns than stock trading, or future federal subsidies for semiconductor manufacturing.
He is facing a misdemeanor charge of driving under the influence causing injury, along with another DUI charge, stemming from a Napa County car crash in May that drew headlines around the world. country.
Paul Pelosi, 82, could face prison and five years of probation if found guilty.
This article originally appeared in Western Magazine.
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https://ijr.com/pelosis-husband-buys-5-million-microchip-stock-vote-expected/ Pelosi’s husband buys up to $5 million in chip stock by voting for billions of dollars in chip subsidies expected next week