House Speaker Nancy Pelosi just got some bad news from within her own Party. Democrats plan to introduce legislation next month that would prevent stock trades by members of Congress and their spouses which Pelosi has long opposed.
“Has your husband ever made a stock purchase or sale based on information he’s received from you?” a reporter asked Pelosi last week. “No. Absolutely not,” Pelosi scolded before walking off.
Paul Pelosi, Nancy’s husband, took a rare and quite massive loss in the markets when he sold some chipmaker stocks he had come under fire for buying before a subsidy bill passed.
According to the Nancy Pelosi Stock Tracker Twitter account:
“Speaker Pelosi just sold 25,000 shares of $NVDA for an average price of $165.05 on 7/26/22. This is the first time Pelosi has ever reported a trade the same day say she made it. On the filing, she commented: “for a total loss of $341,365.”
“Timeline: 5/21/21 – Purchased 200 LEAPS with an exp date of June 2022. 7/23/21 – Purchased 5,000 shares at $195.58. 7/23/21 – Purchased 50 LEAPS with an exp. date of Sept. 2022. 6/17/22 – Purchased 20,000 shares at $100 (exercised 200 calls). 7/26/22 – Sold 25,000 shares at $165.
“Still owns: 50 LEAPS at a Strike Price of $100 and an exp. date of 9/16/22. At the time of the purchase, $NVDA was $195.98. These LEAPS were bought back on 7/23/21.”
Senator Josh Hawley (R-MO) said earlier: “Ban stock trading by members of Congress & their spouses. Call it the Pelosi Act.”
According to Punchbowl News:
House Democrats plan to announce a proposal next month to ban lawmakers, their spouses and senior staff from trading stocks, according to multiple sources close to the issue.
The framework, which the House Democratic leadership will release in early August, would force members of Congress, their spouses and senior staff to choose between putting their assets in a qualified blind trust or completely divesting their investment portfolios.
The proposed legislation would allow members, spouses and senior staff to hold mutual funds.
The leadership’s goal is to introduce legislation in the beginning of September and push it through the chamber that month.
“We’re almost ready to move forward on this,” House Administration Committee Chair Zoe Lofgren (D-Calif.) told us Wednesday.
Punchbowl News: House Democrats plan to announce a proposal next month to ban lawmakers, their spouses and senior staff from trading stocks, according to multiple sources close to the issue.
— Kyle Griffin (@kylegriffin1) July 28, 2022
Reporter: “Has your husband ever made a stock purchase or sale based on info received from you?”
Pelosi: “No, absolutely not.”
The Pelosi’s recently bought shares in Nvidia, $NVDA, worth millions.
Nancy Pelosi backs the CHIPS Plus bill, a $52B semiconductor bill. pic.twitter.com/uMNIRVxg44
— unusual_whales (@unusual_whales) July 21, 2022