Paul Pelosi, House Speaker Nancy Pelosi’s husband, has been condemned for purchasing $5 million in stock options in a computer-chip business that would provide billions of dollars in subsidies to the chip-manufacturing industry.
Many are concerned that Pelosi’s huge action comes just days before the next Senate vote on the chip subsidy measure, because he may now have access to some inside legislative knowledge.
According to a financial disclosure report filed by the speaker’s office on July 14, the 82-year-old Paul spent almost $5 million. 20,000 shares of NVIDIA.
The Clerk of the House of Representatives’ record displays the stock trades, which also include shares he sold from Apple and Visa.
On June 17 of this year, Paul traded the stock NVIDIA from the Santa Clara, California-based international technology business, which has been recognized to be one of the most watched stocks by Zacks Equity Research.
According to DailyMail, it is unknown whether Paul broke the law, leading many to suspect that he had further influence.
Furthermore, federal records show that Paul—who was arrested for drunk driving in May and charged with one count each of driving under the influence of alcohol causing injury and driving with a blood alcohol level of 0.08 percent or higher causing injury, both misdemeanours—trades tens of millions of dollars in stock and stock options each year.
According to Reuters, senators will vote on a bipartisan competition package on Tuesday, July 19, which funds $52 billion to stimulate domestic semiconductor manufacturing and provide production tax credits.