In a move some claim as another example of the elite’s “rules for thee but not for me.” House Speaker Pelosi’s office is trying to explain away Paul Pelosi’s purchase of semiconductor stock just ahead of a congressional vote to regulate insider trade practices.
The controversial multimillion dollar financial transaction was made by Nancy Pelosi’s husband, Paul, who “exercised 200 call options, or 20,000 shares, of semiconductor company Nvidia at a strike price of $100 with an expiration of June 17,” according to The Epoch Times.
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Criticism of the move has been fierce. Craig Holman, a government affairs lobbyist for the left-wing think tank Public Citizen, told the Daily Caller:
“It certainly raises the specter that Paul Pelosi could have access to some insider legislative information. This is the reason why there is a stock trading app that exclusively monitors Paul’s trading activity and then its followers do likewise.”
On Monday, Nancy Pelosi’s spokesperson, Drew Hammill, sought to quell criticism by saying:
“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. The Speaker has no prior knowledge or subsequent involvement in any transactions.”
Most assess Hammill’s statement as unconvincing.
Hammill, reaching for a semblance of credibility, added that there are “at least three proposals introduced in the House [regarding bar trading by members of Congress]. The Speaker has asked the Committee on House Administration to review these proposals.”
Hammill continued: “To be clear, insider trading is already a serious federal criminal and civil violation and the Speaker strongly supports robust enforcement of the relevant statutes by the Department of Justice and the Securities and Exchange Commission.”
According to a Fox News report, Pelosi’s office tried to paint the speaker in a positive light by noting:
“The Speaker led the House in passing the bipartisan Courthouse Ethics and Transparency Act, which would subject federal judges to similar disclosure requirements as those in the STOCK Act. President Biden signed this bill into law in May.”
Notably, Breitbart has referred to Nancy Pelosi as “the most unpopular Democrat politician in America.”
On Monday, Rep. James Comer, R-Ky., said during an interview on “Fox & Friends First” that Nancy Pelosi was “the ultimate insider,” noting that Paul Pelosi has made controversial stock purchases in the past, namely ahead of the Big Tech hearings on Capitol Hill.