Recently, House Speaker Nancy Pelosi denied providing any information to her husband that would have influenced his stock purchases.
When a reporter inquired whether or not Paul Pelosi benefitted from information passed on by his wife, the House Speaker promptly retorted, “no, absolutely not.”
In June, Paul Pelosi purchased roughly $1-$5M worth of Nvidia stock, a semiconductor company known for producing chips. Nvidia is highly likely to benefit from legislation designed to increase semiconductor manufacturing in the United States.
The Senate is anticipated to meet shortly to discuss a $52B subsidy to the semiconductor industry, which is part of a bill providing grants, tax credits, and other benefits for companies to transfer their manufacturing operations to the United States.
According to the overworked spokesman for Pelosi, Drew Hammill, “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,” Hammill continued in his statement to Fox News.
“The speaker has no prior knowledge or subsequent involvement in any transactions,” he added crisply.
However, Pelosi’s actions have raised eyebrows, especially when she openly and publicly opposed efforts to ban members of Congress and their families from trading in the stock market while in service.
“We are a free market economy,” Pelosi sniffed, “[which means] they should be able to participate in that.”
Hammill also informed Fox News that efforts to ban stock trading by Congress have resulted in at least three different proposals introduced in the House, and that Pelosi is willing to overview the proposals and determine their potential merit.
However, the House Speaker prefers extant policies, especially with regards to transparency.
“The speaker believes that sunlight is the best disinfectant,” Hammill proclaimed.
“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,” he continued, “including the possibility of stiffening penalties.”
Hammill also strongly emphasized the role Pelosi played in the passage of the bipartisan Courthouse Ethics and Transparency Act, which subjects federal judges to similar disclosure requirements entailed in the STOCK Act.