Paul Pelosi, who was recently arrested for drunk driving in May, has just purchased 20,000 shares in Nvidia, a Santa Clara computer chip company just before the upcoming legislative session.
Paul Pelosi is famous for making several “random trades” similar to this recent Nvidia purchase, just before a legislative session. Speaker of the House, Nancy Pelosi, when asked about this has referred to the practice as utilization of the “free market.”
First reported by The Daily Caller, “Obviously, Speaker Pelosi would be aware of the timing of this legislation over in the Senate,” Rep. Ralph Norman (R-SC) told the Daily Caller. “On the heels of that vote, for anyone in her orbit to purchase seven-figures worth of stock of an U.S.-based chip manufacturer just reeks of impropriety.”
This is not the first time that Mr. Pelosi has purchased a large quantity of Nvidia shares. Just a year ago, he bought millions worth of shares from the same company. This happened just at the time when the Senate was thinking of issuing new subsidies for the U.S. semiconductor industry. But unfortunately for the Pelosis, the House never took up the legislation.
These mysterious investments made by Pelosi often align with bills that are about to be taken by the House. Many media outlets, from both sides, as well as many Democrat officials, have called for stricter regulations on stock dealings by family members of sitting members of Congress. But of course, Pelosi has criticized such proposals, calling it a “threat to free market economy.”
This new bill includes up to $52 billion for U.S. chip subsidies and another $200 billion grant to boost U.S. scientific and technological innovation to compete with China.
Voting on this bill is set to begin as early as Tuesday. Apart from the billions in subsidies, it would also grant an investment tax credit to encourage U.S. manufacturing of computer chips. And if everything goes as planned, the bill would land on Biden’s desk before the annual August recess.
“We want as robust of a bill as possible,” U.S. Commerce Secretary Gina Raimondo told reporters following a closed briefing with some members of the House of Representatives.
What do you make of this massive and “random” investment made by Paul Pelosi in the chip industry just before the legislative session? Share your thoughts in our Facebook comments!
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