House Speaker Nancy Pelosi could be poised to cash in upcoming legislation meant to bolster the U.S. semiconductor industry, after her husband exercised shares worth as much as $5 million in a California company that stands to reap subsidies.
Paul Pelosi, who was arrested for allegedly driving drunk in May, exercised 20,000 shares in Nvidia, a Santa Clara company. The move was revealed in a disclosure Nancy Pelosi filed to the House of Representatives last week and first reported by the Daily Caller.
“Obviously, Speaker Pelosi would be aware of the timing of this legislation over in the Senate,” Rep. Ralph Norman (R-SC) told the Daily Caller. “On the heels of that vote, for anyone in her orbit to purchase seven-figures worth of stock of an U.S.-based chip manufacturer just reeks of impropriety.”
A year ago, Paul Pelosi bought up millions worth of Nvidia shares as the Senate mulled subsidies for the U.S. semiconductor industry, but the House never took up the legislation.
House Speaker Nancy Pelosi’s husband, Paul Pelosi, is poised to cash in if new subsidies are granted to U.S. chipmakers (U.S. House of Representatives)
The Pelosis, worth more than $100 million by some estimates, have been dogged by claims that Paul Pelosi’s investments often seem tied to bills taken up by the House, whose majority is controlled by Nancy Pelosi. Even many Democrats have called for tighter regulations on stock dealings by family members of lawmakers, but Pelosi has opposed such reforms.
The bill being considered by the Senate is a streamlined version of the one it passed last year but the House did not take up. That bill included $52 billion for chip subsidies and another $200 billion to boost U.S. scientific and technological innovation to compete with China.
Voting on the new version of the bill could begin in the Senate as early as Tuesday, according to Reuters. The bill would include billions of dollars in subsidies for the semiconductor industry and an investment tax credit to boost U.S. manufacturing.
— Jim Michael (@jimmichael720) July 17, 2022
Lawmakers intend to send the bill to President Joe Biden before their annual August recess.
“We want as robust of a bill as possible,” U.S. Commerce Secretary Gina Raimondo told reporters following a closed briefing with some members of the House of Representatives.
Paul Pelosi was charged May 29 with driving drunk after he crashed his Porsche into a Jeep on Highway 29 in Napa Valley. The 82-year-old Pelosi’s blood-alcohol level registered .082 percent.