House Speaker Nancy Pelosi could be ready to profit from future legislation meant to boost the semiconductor sector in the United States after her spouse sold shares worth as much as $5 million in a California firm that is set to benefit from government subsidies.
Paul Pelosi, who was arrested for driving under the influence in May, sold 20,000 shares of Nvidia, a Santa Clara firm. The action was mentioned in a disclosure submitted to the House of Representatives by Nancy Pelosi last week, which was first reported by The Daily Caller.
“Obviously, Speaker Pelosi would be aware of the timetable for this bill in the Senate,” Rep. Ralph Norman (R-SC) told The Daily Caller. “For anyone in her orbit to purchase seven-figure worth of stock in an American chip maker on the heels of that vote just reeks of impropriety.”
Paul Pelosi bought millions of dollars worth of Nvidia shares last year while the Senate considered subsidies for the U.S. semiconductor sector, but the bill was never brought before the House.
Paul Pelosi, the husband of House Speaker Nancy Pelosi, may profit if new subsidies are given to chipmakers in the United States (U.S. House of Representatives).
The Pelosis, whose wealth is estimated at more than $100 million by various sources, have been dogged by accusations that Paul Pelosi’s investments are frequently linked to measures advanced by the House, which Nancy Pelosi controls. Even many Democrats have demanded stricter stock regulations for family members of lawmakers, but Pelosi has hindered these efforts.
A new version of the Senate’s bill is currently being negotiated. It was passed by the Senate last year, but it was not taken up by the House. The $52 billion in chip subsidies and a further $200 billion to support scientific and technological innovation in the United States were included in that legislation.
The Senate could begin voting on the updated version of the bill as early as Tuesday, according to Reuters. The legislation would provide billions of dollars in subsidies for the semiconductor sector and an investment tax credit to boost manufacturing in the United States.
Before their annual August vacation, lawmakers want to submit the bill to President Biden.
“We want as strong a bill as feasible,” Commerce Secretary Gina Raimondo said after a closed briefing with some members of the House.
On May 29, 82-year-old Paul Pelosi was charged with driving under the influence after his Porsche collided with a Jeep on Highway 29 in Napa Valley. His blood alcohol concentration was .082 percent.