U.S. Speaker Pelosi’s husband sold Nvidia, Micron options at a loss
2022.10.17 13:15
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© Reuters. FILE PHOTO: Speaker of the House Nancy Pelosi (D-CA) and her husband Paul Pelosi arrive for the 42nd Annual Kennedy Awards Honors in Washington, U.S., December 8, 2019. REUTERS/Joshua Roberts
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By Noel Randewich
(Reuters) – U.S. House Speaker Nancy Pelosi’s husband sold call options in chipmakers Micron Technology (NASDAQ:) and Nvidia (NASDAQ:) for a loss of under $1 million, according to a new transparency filing.
In a periodic transaction report dated Friday, the senior Democrat disclosed that her husband, financier Paul Pelosi, lost $392,575 in the sale of Micron call options he had purchased in December 2021. The report also showed he sold Nvidia call options bought in July 2021 for a loss of $361,476.
The same report also shows Paul Pelosi exercised 200 call options to buy shares of Google-parent Alphabet (NASDAQ:) in a transaction worth $2 million, while allowing call options in Walt Disney (NYSE:) to expire for a loss of $132,824.
All of those events occurred on Sept. 16, according to the transaction report.
Paul Pelosi frequently trades shares of companies popular with many investors, including Apple (NASDAQ:), Microsoft (NASDAQ:) and other tech companies.
A 2012 law makes it illegal for lawmakers to use information from their work in Congress for their personal gain. The law requires them to disclose stock transactions by themselves or family members within 45 days.
Senior House Democrats have yet to allow a vote on legislation restricting members of Congress and other government officials from trading stocks. Such legislation has been introduced in response to allegations that some lawmakers may have taken advantage of their positions for personal gain.
Pelosi initially voiced skepticism of changes to the current law, but later allowed legislation to advance toward consideration by the chamber.
In July, Paul Pelosi sold Nvidia shares days before the House approved legislation providing subsidies and tax credits worth over $70 billion to boost the U.S. semiconductor industry.
An analysis by Unusual Whales, a service selling financial data, concluded that congressional lawmakers last year traded $290 million in stocks, options, cryptocurrency and other assets, and that they outperformed the market, on average.
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