Nancy Pelosi's husband's latest stock market move is raising eyebrows.
California Democratic Rep. Nancy Pelosi's husband sold Visa stock worth up to $1 million less than three months before the Department of Justice sued the financial institution for allegedly monopolizing the U.S. debit card market. This isn't the first time Paul Pelosi has traded at an opportune time.
On July 1, Paul Pelosi, who owns San Francisco-based investment and consulting firm Financial Leasing Services, Inc., sold 2,000 shares of Visa stock, and on Sep. 23, the DOJ announced its civil antitrust lawsuit, according to an X post from @PelosiTracker_, which has been keeping tabs on Pelosi's investments since 2022.
BREAKING 🚨:
— Nancy Pelosi Stock Tracker ♟ (@PelosiTracker_) September 24, 2024
The DOJ plans to open up a lawsuit against Visa saying they illegally monopolized the US debit card market
Pelosi sold ~$1 Million dollars of Visa $V just 2 months ago
Wild.
The post's comment section filled X users questioning the sale's timing.
Interesting timing... The DOJ moves in, and Pelosi's already out. Makes you wonder how much they know before we do.👀
— Ivan Chornei (@IvanChornei) September 24, 2024
Just as wild as her impeccable 'market instincts.' Seems like at this rate, Pelosi could fund the DOJ lawsuit herself. Monopoly money, anyone?
— SGG-Research (@sggresearch) September 24, 2024
What a surprising coincidence.
— Buck Leahy (@BuckLeahy) September 24, 2024
Many also argued politicians' families should be forbidden from trading stocks, a sentiment with which both sides of Congress agree. They have proposed legislation banning lawmakers and their family members from owning stock because of the increased potential for insider trading, according to Fox Business.
That's a significant development! The DOJ's move against Visa for alleged monopolization of the debit card market could have major implications for the financial industry. If proven, it could lead to regulatory changes or penalties aimed at promoting competition.
— homo sapins (@ikamalkanth) September 25, 2024
Pelosi's...
Elected officials should not be allowed to personally trade. pic.twitter.com/fFXlV1c5CZ
— Reef Insights (@ReefInsights) September 24, 2024
In 2022, Pelosi bought more than $1 million in Nvidia call options weeks before Congress approved billions in subsidies to the chip manufacturing industry. He later sold them because his wife was criticized for the timing. Per Fox Business, Pelosi made nearly $4 million in six months this year thanks to his other investments in Nvidia stock.
As it stands, lawmakers' spouses can make trades for industries and companies their partners regulate, but it's illegal for Congress members and their family members to profit from inside information.
