On Tuesday, the Justice Department filed an antitrust lawsuit against tech giant Google, alleging that the company employed monopolistic tactics in its attempts to dominate tools for website publishers to sell and purchase advertisements. The same week as news of the suit became public, it was revealed that former House Speaker Nancy Pelosi (D-CA) had sold 30,000 shares of Alphabet Class A stock – the parent company of Google – some one month prior.
According to federal disclosures, Pelosi sold 10,000 of these stocks on December 20, 21 and 28 in what amounted to a transaction worth between $1.5M and $3M. The documents were digitally signed by Pelosi herself on January 12. Though Alphabet shares have gone up 8% over the past month despite this news, the stock price saw a 6% decline following its unveiling.
On December 20, 21 and 28, Pelosi sold 10,000 shares of Alphabet Class A stock – the parent company of Google – marking what amounted to a transaction ranging between $1.5M and $3M.
Paul Pelosi recently sold 25,000 shares of the software company Nvidia, incurring a loss of $341,365 according to public disclosures. This transaction occurred just one month prior to Nvidia’s announcement that the United States government imposed export restrictions on their A100 and H100 circuits. These new regulations were intended to limit the use of these chips in military applications by China and Russia.
Senator Josh Hawley (R-MO) has announced the introduction of the Preventing Elected Leaders from Owning Securities and Investments Act, otherwise known as the PELOSI Act. The legislation seeks to limit lawmakers from taking advantage of insider information for personal benefit by prohibiting them from owning individual stocks, exchange-traded funds, and diversified mutual funds.
NEW: @HawleyMO announces the PELOSI Act 👀 pic.twitter.com/E9eXH5CXNd
— Abigail Marone 🇺🇸 (@abigailmarone) January 24, 2023
Hawley’s statement made in a news release highlighted the problem of politicians exploiting their position to make financial gains at the expense of others. He argues that such behavior is a violation of trust and should be curbed through this new legislation.
If passed, the PELOSI Act could bring transparency to government officials with economic interests while protecting constituents from potential abuses. It remains to be seen whether or not it will receive bipartisan support and eventually become official policy.