(Slay News) – Republican Senator Josh Hawley (R-MO) has reached his limit with DC corruption and called for members of Congress and their spouses to be banned from trading stocks.
Hawley moved to ban stock trading by lawmakers after Paul Pelosi, Speaker Pelosi’s husband, bought a bunch of chip stocks right before Congress voted on a bill to give subsidies to chip makers.
Hawley has called for a ban before and introduced a bill to do so.
But now he wants to rename the bill “The Pelosi Act.”
Hawley said: “Ban stock trading by members of Congress & their spouses.
“Call it the Pelosi Act.”
Hawley said earlier: “It’s time to stop turning a blind eye to Washington profiteering.
“Year after year, politicians somehow manage to outperform the market, buying and selling millions in stocks of companies they’re supposed to be regulating.
“Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other at the expense of the country.”
Ban stock trading by members of Congress & their spouses. Call it the Pelosi Act https://t.co/pMpl4sQC6N
— Josh Hawley (@HawleyMO) July 18, 2022
A spokesperson for Pelosi said:
“The Speaker does not own any stocks. As you can see from the required disclosures, with which the Speaker fully cooperates, these transactions are marked ‘SP’ for Spouse.
“The Speaker has no prior knowledge or subsequent involvement in any transactions,” the spox said.
As Slay News previously reported, Paul Pelosi just bought up to $5 million in stock of a computer chip company ahead of a key vote on a bill that will hand billions in subsidies to boost chip manufacturing.
Pelosi purchased 20,000 shares of Nvidia, one of the world’s largest semiconductor companies, on June 17, according to the speaker’s disclosure report.
Pretty good timing.
The vote to pass the bill could come as early as next week.
The bill provides $52 billion to boost domestic semiconductor manufacturing and gives tax credits for production.
“The House passed a bill in February that included $52 billion in domestic subsidies for the semiconductor industry, and chip companies, including Nvidia, demanded Congress in June move forward on finalizing semiconductor subsidies for domestic manufacturing,” according to The Daily Caller.
A large chip factory currently in the early stages of being built outside of Columbus, Ohio, could see its scope scaled back or construction delayed depending on what Congress does with the CHIPS Act, Intel said in a statement on Thursday.
The facility was announced in January and would be the most significant expansion of U.S.-based semiconductor manufacturing in years. Intel estimated the plant could cost as much as $100 billion and committed an initial investment of $20 billion.
“We are excited to begin construction on a new leading-edge semiconductor manufacturing plant in Ohio and grateful for the support of Governor DeWine, the state government and all our partners in Ohio.
As we said in our January announcement, the scope and pace of our expansion in Ohio will depend heavily on funding from the CHIPS Act,” an Intel spokesperson said in a statement.
“Unfortunately, CHIPS Act funding has moved more slowly than we expected and we still don’t know when it will get done.
It is time for Congress to act so we can move forward at the speed and scale we have long envisioned for Ohio and our other projects to help restore U.S. semiconductor manufacturing leadership and build a more resilient semiconductor supply chain,” the statement continued.