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Nancy Pelosi’s husband sells computer chip stocks for $341,000 loss | U.S. & World

HThe husband of Speaker Nancy Pelosi (D-CA) sold $4.1 million in Nvidia stock at a loss, according to a filing. Pelosis has faced criticism over the purchases, as it was revealed while Congress was considering legislation offering billions of dollars in subsidies and tax credits to help the US semiconductor industry.

Paul Pelosi lost $341,365 on the transaction, selling 25,000 shares, according to the filing. Shares have since jumped 7.8%, Forbes reported.


“Mr. Pelosi decided to sell the shares at a loss rather than allow the misinformation in the press about this business to continue,” Drew Hammill, Nancy Pelosi’s deputy chief of staff, said in a statement. .

US House of Representatives Speaker, Nancy Pelosi (R), with
House Speaker Nancy Pelosi and her husband, Paul Pelosi, attended Mass. SOPA Images/SOPA Images/LightRocket via Getty Images

Paul Pelosi, who owns an investment and consulting firm based in San Francisco, and his wife are facing backlash after it was revealed in a disclosure report filed by his wife that he bought several shares of the semiconductor company days before the Senate was scheduled to vote on a bill that would provide billions in subsidies to semiconductor producers. Other trades include those involving Apple and Visa.

The speaker denied any wrongdoing in connection with her husband’s stock purchases.

“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,” Hammill said Washington Examiner on July 18.

The legislation in question was passed on Wednesday and is now moving to the House. “The House Rules Committee will meet soon to take up the CHIPS and Science Act. Then, the House is proud to pass this important legislation and send it to President Biden to be signed into law,” the speaker said in a statement.


Criticism surrounding Paul Pelosi’s Nvidia stock purchases has led to more calls to crack down on insider trading in Congress. Sen. Josh Hawley (R-MO) called for a hearing last week to find ways to better prevent insider trading by lawmakers and their families.

“It has been more than six months since members of this Committee proposed measures to end improper financial transactions. Despite these efforts, Speaker Pelosi and her husband remain undeterred to cash,” Hawley wrote in a letter to the Senate Homeland Security and Governmental Affairs Committee chairman. “More than 70% of Americans agree that this is unacceptable and that Congress should not sell stocks at all. After all, the clean government in Washington began with Members of Congress leading the Americans – and not lining their own pockets.”

Original Location: Nancy Pelosi’s husband sold computer chip stocks at a $341,000 loss

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