Pelosi's Husband Snags Up to $5 Million of Special Stock as Vote on Billions in Subsidies for Industry Expected Next Week
House Speaker Nancy Pelosi’s husband is drawing the wrong kind of attention — again.
Paul Pelosi bought 20,000 shares of a company that deals in semiconductors while a bill that would provide generous subsidies for manufacturing them is making its way through Congress, with a Senate vote expected within days, according to reports.
The move, which was dated as taking place in June, is listed in Nancy Pelosi’s Thursday financial disclosure.
Paul Pelosi made the stock buy himself, according to the Daily Caller.
The buy of Nvidia stock is priced 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.
Nvidia is one of the largest manufacturers of semiconductors in the world.
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 Senate last year passed a different version of that legislation, titled the “United States Innovation and Competition Act” or USICA, The Hill reported.
Differences between those bills are being hammed out in conference committees.
The Senate is set to consider a smaller version of its legislation, focused specifically 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.
At her news conference Thursday, Pelosi said she still favors the larger approach, but did not rule out the smaller bill, according to 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.
Nancy Pelosi has been criticized for her husband’s stock trading activities, with his success in investing spurring allegations of insider trading.
Pelosi initially rebuffed calls to ban members of Congress from trading in individual stocks.
However, she eventually acquiesced to the idea. It’s unclear if she supports such a ban being applied to her own husband.
The nonprofit watchdog group Open Secrets estimated Nancy Pelosi’s net worth as $114 million in 2018, mostly from wealth derived from her husband’s real estate and investing firm.
But Paul Pelosi might have more immediate concerns than stock trading, or future federal subsidies of semiconductor manufacturing.
He’s facing a misdemeanor charge of driving under the influence causing injury, in addition to another DUI charge, stemming from a car accident in Napa County in May that grabbed headlines nationally.
The 82-year old Paul Pelosi could face jail time and as much as five years on probation if he’s found guilty.
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