House Speaker Nancy Pelosi’s (D-CA) husband sold $4.1 million in Nvidia stocks at a loss, according to a filing. The Pelosis had been facing criticism over the purchases, as they were disclosed while Congress considers legislation offering billions of dollars in subsidies and tax credits to assist the U.S. semiconductor industry.
Paul Pelosi lost $341,365 in the transaction, selling 25,000 shares, according to the filing. Shares have since jumped 7.8%, Forbes reported.
“Mr. Pelosi decided to sell the shares at a loss rather than allow the misinformation in the press regarding this trade to continue,” Drew Hammill, Nancy Pelosi’s deputy chief of staff, said in a statement.
Paul Pelosi, who owns a San Francisco-based investment and consulting firm, and his wife faced backlash after it was revealed in a disclosure report filed by his wife that he bought massive shares in the semiconductor company days before the Senate was scheduled to vote on a bill that would give billions in subsidies to semiconductor producers. Other trades included those involving Apple and Visa.
The speaker has denied any wrongdoing in connection to her husband’s stock purchases.
“The Speaker does not own any stocks. As you can see from the required disclosures, with which the Speaker fully cooperates, these transactions are marked ‘SP’ for Spouse. The Speaker has no prior knowledge or subsequent involvement in any transactions,” Hammill told the Washington Examiner on July 18.
The legislation in question passed on Wednesday and now moves to the House. “The House Rules Committee will meet shortly to take up the CHIPS and Science Act. Then, the House will proudly pass this essential legislation and send it to President Biden to be signed into law,” the speaker said in a statement.
Criticism around Paul Pelosi’s Nvidia stock purchases led to greater calls to crack down on insider trading in Congress. Sen. Josh Hawley (R-MO) called for a hearing last week to find ways to better prevent insider trading among lawmakers and their families.
“It has been more than six months since members of this Committee proposed measures to put an end to inappropriate financial transactions. Despite these efforts, Speaker Pelosi and her husband remain undeterred from cashing in,” Hawley wrote in a letter to the Senate Homeland Security and Governmental Affairs Committee chairman. “More than 70% of Americans agree that this is unacceptable and that Congress shouldn’t be trading stocks at all. After all, clean government in Washington begins with Members of Congress putting the American people first — and not lining their own pockets.”
source https://www.washingtonexaminer.com/news
