Nancy Pelosi’s office commented on the speaker’s husband’s controversial computer chip stock trades right before Congress is set to vote on the semiconductor industry.
“The Speaker does not own any stocks. As you can see from the required disclosures, with which the Speaker fully cooperates, these transactions are marked ‘SP’ for Spouse. The Speaker has no prior knowledge or subsequent involvement in any transactions,” said Nancy Pelosi’s spokesman, Drew Hammill.
As for rumors to ban trading by members of Congress, Hammill said, “there are at least three proposals introduced in the House in this regard and the Speaker has asked the Committee on House Administration to review these proposals.”
“The Speaker believes that sunlight is the best disinfectant. The Speaker has asked Committee on House Administration Chair Zoe Lofgren to examine the issue of Members’ unacceptable noncompliance with the reporting requirements in the STOCK Act, including the possibility of stiffening penalties,” Hammill continued.
“To be clear, insider trading is already a serious federal criminal and civil violation and the Speaker strongly supports robust enforcement of the relevant statutes by the Department of Justice and the Securities and Exchange Commission,” he added. “The Speaker led the House in passing the bipartisan Courthouse Ethics and Transparency Act, which would subject federal judges to similar disclosure requirements as those in the STOCK Act. President Biden signed this bill into law in May. ”
This comes after Paul Pelosi bought shares of semiconductor manufacturer Nvidia for between $1 million and $5 million, according to a disclosure document submitted by Pelosi’s office which also states he exercised 200 call options or 20,000 shares.
Following his multi-million dollar purchase of computer chip stocks before of a congressional subsidy vote, Paul Pelosi came under fire from Rep. James Comer, R-Kentucky.
Comer referred to Nancy Pelosi “the ultimate insider,” reminding everyone this isn’t the first time her husband has made other controversial stock purchases, namely i.e. Big Tech hearings on Capitol Hill.
“Nancy Pelosi is the ultimate insider. Not only is her husband buying stock options on a much higher level than the average member of Congress,” said Comer. “The average member of Congress may buys $5,000 or $6,000 of stock. He’s buying $500,000 worth of stock. He’s buying stock options which expire. To be able to trade stock options profitably, you have to know exactly which direction that stock’s going to move, and you can make a huge profit. This is wrong. This is another example of the media turning a blind eye to Nancy Pelosi’s bad behavior and unethical behavior.”