(RoyalPatriot.com )- After her husband exercised shares worth up to $5 million in a California business that benefits from subsidies, House Speaker Nancy Pelosi may be ready to profit from future legislation to support the U.S. semiconductor sector.
Paul Pelosi, detained in May on suspicion of driving under the influence, exercised 20,000 shares of Santa Clara-based Nvidia. The decision was made public in a declaration Nancy Pelosi submitted to the House of Representatives last week, and the Daily Caller was the first to disclose it.
Rep. Ralph Norman (R-SC) said Speaker Pelosi would be aware of the timing of this legislation over in the Senate. Following that vote, it smacks of improper behavior for anyone in her sphere to buy seven figures worth of shares in an American chip maker.
When the Senate considered providing subsidies for the American semiconductor sector a year ago, Paul Pelosi invested millions of dollars in Nvidia stock, but the House never considered the proposal.
The Pelosis, estimated to be worth more than $100 million, has been the target of allegations that Paul Pelosi’s investments frequently appear linked to legislation passed by the House, whose majority is controlled by Nancy Pelosi. Even several Democrats have urged stricter rules on stock transactions by MPs’ relatives, but Pelosi is opposed to such changes.
The Senate is currently debating a simplified version of the measure it approved the previous year, but the House did not take it up. The U.S. needed to increase its scientific and technical innovation to compete with China, and that law provided $200 billion and $52 billion for chip subsidies.
According to Reuters, the Senate may start voting on the updated measure version as early as Tuesday. The measure would provide the semiconductor sector with billions in subsidies and an investment tax credit to encourage American manufacturing.
Before their yearly August break, lawmakers want to deliver the measure to Joe Biden.
After a private meeting with certain members of the House of Representatives, U.S. Commerce Secretary Gina Raimondo told reporters, “We want as comprehensive of a law as possible.”
After striking a Jeep on Highway 29 in Napa Valley with his Porsche on May 29, Paul Pelosi was charged with DUI. The blood alcohol content of the 82-year-old Pelosi was.082 percent.
