Nancy Pelosi’s husband buys $5 million in chip stocks ahead of Senate vote on chip subsidy bill

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Paul Pelosi, husband of House Speaker Nancy Pelosi, has bought millions of dollars worth of stock in a computer chip company ahead of an expected Senate vote on a subsidy bill aimed at spurring chip manufacturing.

Mr. Pelosi bought about $5 million, or 20,000 shares of Nvidia, last month, according to a financial disclosure report released this week by the president’s office. Mr. Pelosi also sold some of his shares in Apple and Visa.

The purchase follows a vote next week on a China competition bill in the Senate that would strengthen the U.S. computer chip manufacturing industry.

The proposal would allocate $52 billion to boost domestic semiconductor manufacturing and provide tax credits for production.

The House passed the COMPETES Act in February, hoping to make the United States more competitive against China.

Mr Pelosi’s purchase comes amid his arrest for drunk driving in California and charged with a DUI.

Congress also considered the role lawmakers and their spouses should have in stock trading, a debate that has divided members.

Ms Pelosi defended members’ participation in the stock market, saying it was part of a ‘free market economy’.

Others, including Democratic Representatives Alexandria Ocasio-Cortez of New York and Abigail Spanberger of Virginia, condemned Ms Pelosi’s endorsement.

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