Paul Pelosi $1M chip company stock purchase
Jul 20, 2022 3:57:58 GMT -5
Post by Midnight on Jul 20, 2022 3:57:58 GMT -5
Paul Pelosi $1M chip company stock purchase latest in long history of 'timely' buys
House Speaker Nancy Pelosi's husband purchased between $1 million and $5 million of stock in a semiconductor company ahead of an upcoming vote on legislation containing $52 billion for chipmakers.
Updated: July 19, 2022 - 11:08pm
Paul Pelosi, House Speaker Nancy Pelosi's husband, purchased between $1 million and $5 million of stock in a semiconductor company ahead of an upcoming vote on legislation containing $52 billion for chipmakers — the latest in a long history of similar purchases.
A Data for Progress poll found that 70% of respondents support a ban on lawmakers trading individual stocks and 68% agree with extending the ban to their spouses.
Pelosi's husband made headlines when he purchased a substantial amount of tech stock last year under his wife's speakership. Pelosi made millions on "timely" bets with Big Tech stock buys in advance of an antitrust bill that was moving through the House, according to a Fortune report from July 2021.
The antitrust legislation ultimately stalled, but Pelosi tech stock buys have continued throughout this year. In March, the speaker disclosed that her husband bought Apple as well as Disney and PayPal shares.
Retail traders track Pelosi's trades to "find winners," Yahoo reported.
Pelosi was involved in controversy regarding Visa stock purchases he made in 2008 while credit card companies were reportedly lobbying his wife to stop legislation that would curb credit card swipe fees to vendors, CBS News reported at the time.
"The Pelosis purchased 5,000 shares of Visa at the initial price of $44 dollars," the CBS report read. "Two days later it was trading at $64."
CBS noted that the swipe fee legislation, the Credit Cardholders' Bill of Rights, eventually did pass the House.
"I will hold my record in terms of fighting the credit card companies as speaker of the House or as a member of Congress up against anyone," Speaker Pelosi told "60 Minutes."
There are several bills still pending in Congress that impose some form of a ban on lawmakers making individual stock purchases, but some would not cover spouses.
Peter Schweizer, author of the 2011 book "Throw Them All Out," was instrumental in educating the public about the lack of stock trading laws applicable to members of Congress. After his book was published, Congress passed the STOCK Act, and former President Obama signed it into law. The bill is designed to prevent insider trading, but it doesn't ban members of Congress or their spouses from buying individual stocks. Under the bill, lawmakers are required to file financial disclosure reports that show the purchases made.
Schweizer has long called on Congress to prohibit lawmakers and their spruces from trading individual stocks.
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House Speaker Nancy Pelosi's husband purchased between $1 million and $5 million of stock in a semiconductor company ahead of an upcoming vote on legislation containing $52 billion for chipmakers.
Updated: July 19, 2022 - 11:08pm
Paul Pelosi, House Speaker Nancy Pelosi's husband, purchased between $1 million and $5 million of stock in a semiconductor company ahead of an upcoming vote on legislation containing $52 billion for chipmakers — the latest in a long history of similar purchases.
A Data for Progress poll found that 70% of respondents support a ban on lawmakers trading individual stocks and 68% agree with extending the ban to their spouses.
Pelosi's husband made headlines when he purchased a substantial amount of tech stock last year under his wife's speakership. Pelosi made millions on "timely" bets with Big Tech stock buys in advance of an antitrust bill that was moving through the House, according to a Fortune report from July 2021.
The antitrust legislation ultimately stalled, but Pelosi tech stock buys have continued throughout this year. In March, the speaker disclosed that her husband bought Apple as well as Disney and PayPal shares.
Retail traders track Pelosi's trades to "find winners," Yahoo reported.
Pelosi was involved in controversy regarding Visa stock purchases he made in 2008 while credit card companies were reportedly lobbying his wife to stop legislation that would curb credit card swipe fees to vendors, CBS News reported at the time.
"The Pelosis purchased 5,000 shares of Visa at the initial price of $44 dollars," the CBS report read. "Two days later it was trading at $64."
CBS noted that the swipe fee legislation, the Credit Cardholders' Bill of Rights, eventually did pass the House.
"I will hold my record in terms of fighting the credit card companies as speaker of the House or as a member of Congress up against anyone," Speaker Pelosi told "60 Minutes."
There are several bills still pending in Congress that impose some form of a ban on lawmakers making individual stock purchases, but some would not cover spouses.
Peter Schweizer, author of the 2011 book "Throw Them All Out," was instrumental in educating the public about the lack of stock trading laws applicable to members of Congress. After his book was published, Congress passed the STOCK Act, and former President Obama signed it into law. The bill is designed to prevent insider trading, but it doesn't ban members of Congress or their spouses from buying individual stocks. Under the bill, lawmakers are required to file financial disclosure reports that show the purchases made.
Schweizer has long called on Congress to prohibit lawmakers and their spruces from trading individual stocks.
Continued at link