House Speaker Nancy Pelosi’s husband, Paul Pelosi, increased his stock holdings in a semiconductor company by up to $5 million just days before a Senate vote that would support the growth of the American chip manufacturing sector. According to a financial disclosure report submitted by the House speaker, Paul Pelosi made the acquisition in late June at around the same time he sold a portion of his shares in Apple and Visa. 20,000 shares of semiconductor manufacturer Nvidia were purchased for between $1 million and $5 million by the notable stock trader, raising concerns about Pelosi’s familiarity with potential legislation that may benefit the sector.
The information was revealed only days before the Senate is anticipated to start voting on a package that would help the American computer chip manufacturing industry compete more effectively with China. The America COMPETES Act, enacted by the House in February, aims to support sectors that are thought to be crucial to competing with China in manufacturing and technology. The proposed law would set aside $52 billion to increase the manufacture of semiconductor chips and an additional $45 billion to assist supply networks. The legislation is Nancy Pelosi’s take on the bipartisan Innovation and Competition Act, which was approved by the Senate in June 2021 and supported by President Biden.
Government affairs lobbyist Craig Holman told the Daily Caller, “It certainly raises the specter that Paul Pelosi could have access to some insider legislative information. This is the reason why there is a stock trading app that exclusively monitors Paul’s trading activity and then its followers do likewise.”
Paul Pelosi also made headlines recently after he was arrested in Napa County in June on suspicion of DUI causing harm and DUI with a 0.08 blood alcohol level.