Speaker of the House Nancy Pelosi’s husband Paul recently bought a whopping $5 million in stock of a computer chip company. This week a vote is expected on a bill that directly deals with subsidies to chip manufacturing. Coincidence?
According to a financial disclosure, Paul purchased 20,000 shares of Nvidia on June 17, one of the world’s largest semiconductor companies that designs and manufactures graphics processors and other technology and is heavily reliant on semiconductors.
As early as Tuesday, senators will convene to “vote on a bipartisan competition bill, which allocates $52 billion to boost domestic semiconductor manufacturing and gives tax credits for production,” Reuters reported.
The House, led by Paul’s wife, passed a bill in February that “included $52 billion in domestic subsidies for the semiconductor industry, and chip companies, including Nvidia, demanded Congress in June move forward on finalizing semiconductor subsidies for domestic manufacturing” reports the Daily Caller News Foundation.
Senate Minority Leader Mitch McConnell said the bill would have a better likelihood of passing without the $52 billion funding for semiconductor manufacturing. Republican South Carolina Rep. Ralph Norman told the Daily Caller News Foundation the “optics” of Pelosi’s stock disclosure “are horrible.”
“Obviously, Speaker Pelosi would be aware of the timing of this legislation over in the Senate,” said Norman. “On the heels of that vote, for anyone in her orbit to purchase seven-figures worth of stock of a U.S.-based chip manufacturer just reeks of impropriety.”
This is just one of the many “lucky breaks” for the husband of the Speaker. Paul Pelosi, who was charged with two alcohol misdemeanors in June after getting in a driving collision that led to his arrest, also “sold up to $250,000 worth of Apple stock and up to $5 million worth of Visa stock.”
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