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Tags: pelosi | semiconductor | stocks

Pelosi: Husband Never Bought Stock Based on Information From Her

house speaker nancy pelosi gives a speech
House Speaker Nancy Pelosi (Paul Ellis/AFP via Getty Images)

By    |   Thursday, 21 July 2022 12:49 PM EDT

House Speaker Nancy Pelosi, D-Calif., says her husband has never made a stock purchase or sale based on information received from her.

"No, absolutely not," she said Thursday when asked by a reporter.

Paul Pelosi in June purchased between $1 million and $5 million of stock in Nvidia, a semiconductor company, which is bound to benefit from legislation that would boost semiconductor manufacturing in the U.S.

The Senate is expected to meet this week to vote on a $52 billion subsidy to the industry as part of a bill that aims to provide grants, tax credits and other incentives for companies to manufacture semiconductors in the U.S.

"The speaker does not own any stocks," Pelosi's spokesman, Drew Hammill, said in a statement to Fox about the stock purchase on Monday. "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."

Pelosi in 2021 publicly opposed banning members of Congress and their families from trading stocks.

"We are a free-market economy," Pelosi said. "They should be able to participate in that."

Hammill told Fox of proposals to ban trading by members of Congress that "there are at least three 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 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," Hammill 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."

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House Speaker Nancy Pelosi, D-Calif., says her husband has never made a stock purchase or sale based on information received from her.
pelosi, semiconductor, stocks
352
2022-49-21
Thursday, 21 July 2022 12:49 PM
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