Nancy Pelosi’s Office responds to husband’s controversial purchase of stock in a computer chip prior to Congress vote
T.J. Rodgers, the CEO and Chairman of Rodgers Silicon Valley Acquisition Corporation is the CEO and Chairman of the Board of Directors of Rodgers Silicon Valley Acquisition Corporation talks about the shortage of semiconductor chips and the effect of Chinese taxes on the U.S. solar industry on “Mornings with Mary.’
Nancy Pelosi’s Office has responded to her husband’s controversial stock trading in computer chips in advance of Congress to vote for the sector of semiconductors.
FOX Business reached out to House Speaker Nancy Pelosi’s office to inquire about the recent stocks of her husband’s transactions specifically inquiring regarding Paul Pelosi’s multi-million dollar purchase of shares of the semiconductor company during the time that Congress is set to consider the $52 billion funding for the sector to be part of legislation designed to expand U.S. manufacturing of computer chips that will make the country less dependent and more capable of competing with China.
“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,” Nancy Pelosi’s spokesperson, Drew Hammill, said in an email to FOX Business.
In relation to proposals to prohibit trading among Members in 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,” adding that FOX Business “should check with the committee on their latest.”
House Speaker Nancy Pelosi and her husband Paul Pelosi attend a Mass conducted by Pope Francis in St. Peter’s Basilica on June 29th, 2022. (Stefano Costantino/SOPA Images/LightRocket via / Getty Images)
“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 non-compliance with the reporting requirements in the STOCK Act, including the possibility of stiffening penalties,” Hammill said.
“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,” said the speaker. 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 was following Paul Pelosi making a purchase of between $1 million to 5 million shares of Nvidia, which is a semiconductor company as per the disclosure filed by the Pelosi office. The president exercised 200 call options which equate to 20,000 shares, the disclosure says.
Reuters stated they believe the Senate could take up the bill that includes billions of dollars of subsidy in the semiconductor industry beginning on Tuesday.
Nancy, as well as Paul Pelosi, attend the 23rd Annual Mark Twain Prize For American Humor at The Kennedy Center on April 24, 2022, in Washington. (Paul Morigi / Getty Images)
The bill could offer up to $52 billion in chip subsidies and tax credits to improve competitiveness with China.
Congress hopes to pass the bill, and then send the bill to the President’s desk before they leave for their August break.
In a segment of “Fox & Friends First” Monday, Rep. James Comer, R-Ky. He slammed Paul Pelosi following his multimillion-dollar purchase of chips for computers before the vote on a congressional subsidy.
Comer described Nancy Pelosi as “the ultimate insider,” noting that the president’s wife has been involved in controversial stock purchases in the past specifically, prior to the big Tech Hearings at 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,” Comer stated. “The average member of Congress may buy $5,000 or $6,000 of stock. He’s buying $500,000 worth of stock. He’s buying stock options that 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.”