‘We Have To Do A Thorough Investigation’: McCarthy Swipes At Pelosi Over Her Husband’s Stock Dealings
Gabe Kaminsky on July 29, 2022
House Minority Leader Kevin McCarthy called out Nancy Pelosi Friday after her husband Paul purchased chips stock before a bill passed handing chip manufacturers billions in subsidies, noting there should be a “thorough investigation” into members trading stocks.
“I think we have to do a thorough investigation and look at what is the proper role for members of Congress and what influence they have, and I don’t think the proper way to do this is Nancy Pelosi writing the bill because we have proven that she can’t do that,” said McCarthy.
House Democrats intend to introduce a bill in August to ban lawmakers as well as their spouses and senior staff members from trading stocks, Reuters reported. Pelosi said in 2021 that she would not support such a ban but changed her mind in February.
Paul purchased up to $5 million worth in stock of Nvidia on June 17, the DCNF reported. He then sold up to $5 million worth of Nvidia shares Wednesday and lost roughly $341,000 before the Senate passed a bipartisan competition bill that would deliver $52 billion for semiconductor manufacturing through 2025.
Nvidia is heavily reliant on semiconductors and designs and manufactures graphics processors and other technology.
“Mr. Pelosi bought options to buy stock in this company more than a year ago and exercised them on June 17, 2022,” Drew Hammill, deputy chief of staff for the House speaker, previously 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,” said Hammill.
“When she said she never told him anything, I know they spent their time together overseas and when they’re coming back, I’m sure she had conversations on the phone about what was gonna be on the floor,” said McCarthy. “I’m sure she had conversations about what the chip version finally looked at. I’m sure she had those conversation. I don’t know if he was able to hear them or not.
Pelosi’s office did not respond to a request for comment.
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