Nancy Pelosi and her husband Paul “appear to have taken advantage of inside information” in connection with stock trades, a former Federal Reserve Bank president said Thursday.
“Clearly people have taken advantage of inside information forever,” said Richard Fischer, who chaired the Federal Reserve of Dallas between 2005 and 2015, on CNBC’s “Squawk Box.” “I’m sorry to see that Paul Pelosi and Nancy Pelosi and others appear to have taken advantage of inside information. Something needs to be done.”
Fischer’s comments come after a Daily Caller News Foundation report Wednesday detailing how Paul sold up to $5 million worth of computer chips stock prior to the Senate approving a bill that would hand billions to chip manufacturers. Paul, who according to a financial disclosure lost roughly $341,000 after the sale, bought up to $5 million worth in stock of Nvidia, one of the world’s largest semiconductor companies, on June 17, the DCNF reported.
Nvidia designs and manufactures graphics processors and other technology. The multinational corporation is heavily reliant on semiconductors.
"Clearly people have taken advantage of inside information forever," says Richard Fischer. "I'm sorry to see that Paul Pelosi and Nancy Pelosi and others appear to have taken advantage of inside information." pic.twitter.com/v9PmHvCoM3
— Squawk Box (@SquawkCNBC) July 28, 2022
“As always, he does not discuss these matters with the Speaker until trades have been made and required disclosures must be prepared and filed,” Drew Hammill, deputy chief of staff for the House speaker, told the DCNF Wednesday. “Mr. Pelosi decided to sell the shares at a loss rather than allow the misinformation in the press regarding this trade to continue.”
House Democrats intend to put forth a ban on members of Congress trading stocks in August, Reuters reported Thursday. The ban would reportedly include spouses of members and senior staff.
The House speaker’s office did not immediately respond to a request for comment.
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