Paul Pelosi: Husband of Nancy Pelosi, came under fire for investing $5 million in chip companies stock
One of the government sources said, “It certainly increases the possibility that Paul Pelosi could have access to some insider legislative information.”
Paul Pelosi, the husband of Nancy Pelosi, came under fire for investing $5 million in chip companies prior to a significant vote on chip subsidies.
House Speaker Nancy Pelosi’s husband, Paul Pelosi, invested $5 million in stock options on a business that makes computer chips and would get billions of dollars in subsidies to support the chip manufacturing sector. Pelosi’s significant action has alarmed many because it comes just days before the scheduled Senate vote on the chip subsidy measure and because the businessman may now have access to confidential legislative information.
The 82-year-old Paul bought about $5 million, or 20,000 shares of NVIDIA, according to a financial disclosure report made public on July 14 by the speaker’s office. The House of Representatives Clerk’s document lists the stock trades, which also include the shares he sold from Apple and Visa. The stock NVIDIA that Paul traded on June 17 of this year is from the global technology business with headquarters in Santa Clara, California, which has been described as one of the most closely followed companies by Zacks Equity Research, according to reports by Yahoo Finance.
According to Public Citizen government affairs lobbyist Craig Holman, “It certainly raises the possibility that Paul Pelosi could have access to some insider legislative information.” Because of this, there is a stock trading program that only tracks Paul’s trading activities, and its users follow suit.
According to DailyMail, it is unclear whether Paul broke the law, which has many people wondering if he had extra information. Additionally, according to federal records, Paul trades tens of millions of dollars’ worth of stock and stock options every year. Paul was charged with driving while intoxicated in May and was jailed for the offense. He was also charged with driving while intoxicated and causing injury.
On the other hand, according to Reuters, senators will meet to vote on a bipartisan competitiveness package on Tuesday, July 19, which provides tax credits for production and allots $52 billion to stimulate domestic chip manufacture.
The US Innovation and Competition Act, sometimes known as USICA, expands on a prior idea by Senate Majority Leader Chuck Schumer (D-NY), which was known as the Endless Frontier Act. According to Verge sources, Endless Frontier was hailed as one of the first significant bipartisan initiatives to emerge from the Biden administration. In the US, the law allocates billions to burgeoning technology sectors like quantum computing, semiconductors, and artificial intelligence. Currently, the law allocates $52 billion for domestic semiconductor production, along with $29 billion for a new science directorate that would concentrate on applied sciences and a 30% increase in funding for the National Science Foundation.
$135 million wealth of Paul Pelosi
One of the wealthiest couples in the US is Paul and Nancy. On the one hand, Paul, the owner of Financial Leasing Services, is incredibly wealthy, estimated to be worth $135 million. On the other hand, with an estimated net worth of at least $46,123,051, the House Speaker was listed as the 14th wealthiest member of Congress last year.