Nancy Pelosi’s husband sells computer chip stocks for $341,000 loss

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HThe chairman’s husband Nancy Pelosi (D-CA) sold $4.1 million worth of Nvidia stock at a loss, a filing shows. The Pelosis had faced criticism over the purchases, as they were leaked as Congress considered legislation offering billions of dollars in grants and tax credits to help the US semiconductor industry.

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

NANCY PELOSI’S TEAM RESPOND TO HUSBAND’S BUY OF COMPUTER CHIP STOCK CHEAP

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

House Speaker Nancy Pelosi and her husband Paul Pelosi attend Mass.

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Paul Pelosi, owner of a San Francisco-based investment and advisory firm, and his wife have faced backlash after it was revealed in a disclosure report filed by his wife that he bought massive shares in the semiconductor company days before the Senate vote. a bill that would award billions in subsidies to semiconductor producers. Other exchanges included those involving Apple and Visa.

The speaker denied any wrongdoing related to her husband’s stock purchases.

“The President does not own any shares. As you can see from the Required Disclosures, with which the President fully cooperates, these transactions are marked ‘SP’ for Spouse. The President has no prior knowledge or subsequent involvement in any transactions” , Hammill said. say it Washington Examiner July 18.

The legislation in question was passed on Wednesday and is now going through the House. “The House Rules Committee will meet shortly to review the CHIPS and Science Act. Then the House will proudly pass this essential legislation and send it to President Biden to sign into law,” the president said in a statement.

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Criticism around Paul Pelosi’s Nvidia stock purchases has led to greater 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 between lawmakers and their families.

“It has been more than six months since the members of this Committee proposed measures to put an end to inappropriate financial transactions. Despite these efforts, Speaker Pelosi and her husband are undeterred from cashing in,” Hawley wrote in a letter to the chairman of the Senate Homeland Security and Governmental Affairs Committee. “More than 70% of Americans agree that this is unacceptable and that Congress should not trade stocks at all. After all, clean government in Washington starts with members of Congress putting the American people first — and not lining their pockets. »

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