The Pelosi’s are getting ready to race the music. The Speaker of the House and her husband Paul “appear to have taken advantage of inside information” in connection to stock trades, according to a former Federal Reserve Bank president.
Richard Fischer chaired the Federal Reserve of Dallas between 2005 and 2015. He said on CNBC’s “Squawk Box,” “Clearly people have taken advantage of inside information forever. I’m sorry to see that Paul Pelosi and Nancy Pelosi and others appear to have taken advantage of inside information. Something needs to be done.”
These comments from Fischer came after there was a Daily Caller News Foundation report that gave details of how Paul Pelosi sold up to $5 million worth of computer chips stock just prior to the Senate approving a bill that would supply billions of dollars to chip manufacturers.
According to Paul’s financial disclosure, he lost about $341,000 after the sale. He then bought up to $5 million worth in stock of Nvidia, one of the world’s largest semiconductor companies, according to a DCNF report.
Nvidia designs and manufactures graphics processors as well as other technology. The company is a multinational corporation is very dependent on semiconductors.
Drew Hammill is the deputy chief of staff for Speaker Pelosi. He told the DCNF, “As always, he does not discuss these matters with the Speaker until trades have been made and required disclosures must be prepared and filed. Mr. Pelosi decided to sell the shares at a loss rather than allow the misinformation in the press regarding this trade to continue.”
This is all leading to House Democrats planning to bring a ban on members of Congress trading stocks. They will introduce a bill in August, according to Reuters.
This new legislation will also include spouses of members of the House as well as senior staff.
Pelosi’s office has not responded to the request for comment.
She’s not usually at a loss for words.
“Clearly people have taken advantage of inside information forever,” says Richard Fischer. “I’m sorry to see that Paul Pelosi and Nancy Pelosi and others appear to have taken advantage of inside information.” pic.twitter.com/v9PmHvCoM3
— Squawk Box (@SquawkCNBC) July 28, 2022