Paul Pelosi, husband of House Speaker Nancy Pelosi (D-CA), recently bought over $1 million in computer chip stocks, just weeks before the Senate plans to begin voting on a multibillion dollar subsidy for the U.S. semiconductor industry.
According to a financial disclosure filed by his wife on Thursday, June was a busy month of trading for Paul Pelosi. Among other things, the Speaker of the House’s husband bought millions of dollars of stock in Nvidia — one of the world’s leading semiconductor producers — in a move some are flagging for its awfully convenient timing.
Nvidia Corporation, a technology company based in Santa Clara, California, is one of a handful of U.S. semiconductor firms that would benefit massively from an upcoming $52 billion Senate subsidy vote. And it’s not outside the realm of possibility that Paul Pelosi could have been tipped off to the high-dollar vote ahead of time, says one Republican lawmaker.
“Obviously, Speaker Pelosi would be aware of the timing of this legislation over in the Senate,” said Rep. Ralph Norman (R-SC). “On the heels of that vote, for anyone in her orbit to purchase seven-figures worth of stock of a US-based chip manufacturer just reeks of impropriety.”
In addition to his 20,000 share Nvidia pick-up — worth anywhere between $1 million and $5 million — Paul Pelosi also unloaded some technology-firm stock he no longer needed. The Speaker of the House’s husband sold 10,000 shares of Visa and 50 call options in Apple, a group of funds worth anywhere between $1.1 million and $5.25 million.
Commentators across the political spectrum took note of Paul Pelosi’s trading activity when the transactions were revealed on Thursday. Craig Holman, a government affairs lobbyist for the leftwing think tank Public Citizen, said the financial moves undoubtedly raise the “specter” of insider trading.
“It certainly raises the specter that Paul Pelosi could have access to some insider legislative information,” Holman said. “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 in May, when the Speaker of the House’s husband was arrested for drunk driving after getting into a car crash in California.