Rep. Michael Burgess, R-Texas, says it was ‘almost impossible’ to support the CHIPS Act when Nancy Pelosi’s husband bought more than $1 million in Nvidia weeks before a congressional vote that would provide massive subsidies to the industry.
Paul Pelosi, the husband of House Speaker Nancy Pelosi, D-Calif., dodged an extra 20% loss by selling his Nvidia stock in July before the U.S. placed restrictions on the company in August, according to documents.
According to congressional stock trade records, Pelosi’s husband unloaded 25,000 shares of the semiconductor manufacturer July 27.
The sale came as the speaker faced intense scrutiny over her husband's purchase of the share ahead of the CHIPS bill.
Nearly a month later, on Aug. 26, the federal government placed restrictions on Nvidia doing business with China and Russia.
House Speaker Nancy Pelosi, D-Calif., and husband Paul Pelosi have been under scrutiny for their stock trades. (Jim Watson/AFP via Getty Images / Getty Images)
At a selling price of $165.05, the July sale netted the Pelosis a $341,365 loss, according to financial website Unusual Whales.
Unusual Whales also reported that if Mr. Pelosi had sold the shares Wednesday, Aug. 31, there would have been an extra 20% loss due to the government restrictions.
Nancy Pelosi’s spokesperson, Drew Hammill, told Fox News Digital there was no correlation between Mr. Pelosi’s sale and the government restrictions placed a month later.
Hammill also pointed to the office’s statement on the speaker’s husband’s sale.
"Mr. Pelosi bought options to buy stock in this company more than a year ago and exercised them on June 17, 2022," Hammill said. "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."
Paul Pelosi dodged a 20% loss on his sale of Nvidia stock when he sold his shares in July, nearly a month before the U.S. government put restrictions on the semiconductor manufacturer. (Paul Morigi/Getty Images / Getty Images)
The speaker and her husband have repeatedly faced scrutiny over his stock trades.
Fox News Digital asked the speaker in July if her husband had ever made stock purchases or trades after hearing about financial information on Capitol Hill.
"No," Pelosi said. "Absolutely not."
The denial came after Paul Pelosi created negative headlines for the speaker through his Nvidia purchase.
Fox News’ Hillary Vaughn and Danielle Wallace contributed reporting.