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Senator Josh Hawley (R-MO) is fed up with the corruption in Washington D.C.
Paul Pelosi just bought some chip stocks right before Congress took up a bill to give subsidies to chip makers.
Hawley is calling for a ban and is renaming a bill, “The Pelosi Act”. Hawley said, “Ban stock trading by members of Congress & their spouses. Call it the Pelosi Act.”
He also said, “It’s time to stop turning a blind eye to Washington profiteering. Year after year, politicians somehow manage to outperform the market, buying and selling millions in stocks of companies they’re supposed to be regulating. Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other at the expense of the country.”
A spokesperson for Pelosi said, “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,” the spokesperson added.
Paul Pelosi bought up to $5 million in stock of a computer chip company ahead of a vote on a bill that would give billions in subsidies to increase chip manufacturing.
Pelosi purchased 20,000 shares of Nvidia, one of the world’s largest semiconductor companies, on June 17, according to the speaker’s disclosure report.
Nancy Pelosi’s disclosure can be seen here.
CNBC reported:
A large chip factory currently in the early stages of being built outside of Columbus, Ohio, could see its scope scaled back or construction delayed depending on what Congress does with the CHIPS Act, Intel said in a statement on Thursday.
The facility was announced in January and would be the most significant expansion of U.S.-based semiconductor manufacturing in years. Intel estimated the plant could cost as much as $100 billion and committed an initial investment of $20 billion.
“We are excited to begin construction on a new leading-edge semiconductor manufacturing plant in Ohio and grateful for the support of Governor DeWine, the state government, and all our partners in Ohio.
As we said in our January announcement, the scope and pace of our expansion in Ohio will depend heavily on funding from the CHIPS Act,” an Intel spokesperson said in a statement.
“Unfortunately, CHIPS Act funding has moved more slowly than we expected and we still don’t know when it will get done.
It is time for Congress to act so we can move forward at the speed and scale we have long envisioned for Ohio and our other projects to help restore U.S. semiconductor manufacturing leadership and build a more resilient semiconductor supply chain,” the statement continued.
