Nancy Pelosi’s office responded to her husband’s controversial computer chip stock trades before Congress voted on the semiconductor industry.
FOX Business reached out to House Speaker Nancy Pelosi’s office for comment about her husband’s recent stock trades, specifically asking about Paul Pelosi’s multi-million dollar purchase of stock in a semiconductor company. company while Congress is set to vote on a $52 billion subsidy to the industry as part. of a bill to increase US manufacturing of computer chips to make the country less dependent and more competitive with China.
“The Speaker does not own any stocks. As you can see from the required disclosures, in which the Speaker fully cooperates, these transactions are labeled ‘SP’ for the Spouse. The Speaker has no prior knowledge or subsequent involvement in any transactions,” Nancy Pelosi’s spokesman, Drew Hammill, said in a statement to FOX Business.
Regarding the proposals to ban trade by members of Congress, Hammill said, “there are at least three proposals that have been introduced in the House on this and the Speaker has asked the Committee on House Administration to review these proposals,” and added that FOX Business “needs to be reviewed. with the committee on their latest.”
NANCY PELOSI’S HUSBAND BUYS OVER $1 MILLION IN COMPUTER CHIP STOCK WEEK BEFORE VOTE ON INDUSTRY SUBSIDY
“The Speaker believes that sunlight is the best disinfectant. The Speaker asked Committee on House Administration Chair Zoe Lofgren to investigate the issue of Members’ unacceptable non-compliance with the reporting requirements of the STOCK Act , including the possibility of toughening penalties,” Hammill said.
“To be clear, insider trading is now a serious federal criminal and civil offense and the Speaker strongly supports the robust enforcement of relevant laws by the Department of Justice and the Securities and Exchange Commission,” it added. he. “The Speaker led the House in passing the bipartisan Courthouse Ethics and Transparency Act, which would subject federal judges to the same disclosure requirements as those in the STOCK Act. President Biden signed this bill in May.”
This happened after Paul Pelosi bought between $1 million and $5 million part of Nvidia, which is a semiconductor company, according to a disclosure filing made by Pelosi’s office. He exercised 200 call options, or 20,000 shares, the disclosure said.
Reuters reported that the Senate could vote on a bill containing billions of dollars in subsidies within the semiconductor industry on Tuesday.
The bill would send $52 billion in chip subsidies as well as tax breaks to boost China’s competitiveness.
Congress intends to pass the bill and send it to by President Joe Biden desk before leaving for their August recess.
Speaking on “Fox & Friends First” Monday, Rep. James Comer, R-Ky., criticized Paul Pelosi after his multimillion-dollar purchase of computer chip stocks ahead of a congressional subsidy vote.
Comer called Nancy Pelosi “the ultimate insider,” knowing how her husband has made other controversial stock purchases in the past, the first of which was the Big Tech hearings on Capitol Hill.
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“Nancy Pelosi is the ultimate insider. Not only is her husband buying stock options at a higher level than the average member of Congress,” said Comer. “The average member of Congress can buy $5,000 or $6,000 worth of stock. He buys $500,000 worth of stock. He buys stock options that expire. and you make a huge profit. It’s wrong. It’s a you are yet another example of the media turning a blind eye to Nancy Pelosi’s bad behavior and bad behavior.”
FOX Business’ Adams Sabes contributed to this report.