July 27 (Reuters) – The husband of U.S. House Speaker Nancy Pelosi sold his shares in chipmaker Nvidia ( NVDA.O ) on Tuesday, days before the House is expected to consider a legislation that would provide more than $70 billion in subsidies and tax credits to boost the US semiconductor industry.
In a periodic transaction report, the senior Democrat disclosed that her husband, financier Paul Pelosi, sold 25,000 Nvidia shares for about $4.1 million, ending up with a loss of $341,365.
Paul Pelosi often trades shares of companies popular with many investors, including Apple ( AAPL.O ), Microsoft ( MSFT.O ) and other technology companies.
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Transaction reports filed by Pelosi, a billionaire, show her husband bought 5,000 Nvidia shares in July 2021 and exercised options to buy another 20,000 Nvidia shares last June.
The Senate is expected to vote final approval in the coming days on legislation that provides about $52 billion in government subsidies for U.S. semiconductor production, as well as an investment tax credit for chip plants estimated at 24 billion dollars.
The legislation, which aims to make the domestic chip industry more competitive with China’s, will be passed in the US House under Pelosi’s leadership.
Last year, Pelosi defended the rights of federal lawmakers to trade stocks, but later responded to calls for a ban on trading by lawmakers by indicating a willingness to potentially advance such legislation.
A 2012 law makes it illegal for lawmakers to use information from their work in Congress for personal gain. The law requires them to disclose stock transactions by themselves or their family members within 45 days.
An analysis by Unusual Whales, a service selling financial data, concluded that lawmakers in Congress traded $290 million in stocks, options, cryptocurrency and other assets last year, and that they outperformed the market, on average .
Nvidia, based in Santa Clara, California, is the most valuable chip maker in the United States.
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Reporting by Noel Randewich; Assembly by Aurora Ellis
Our standards: the Thomson Reuters Trust Principles.