A new report reveals that President Joe Biden’s proposed $2 trillion infrastructure bill could financially benefit House Speaker Nancy Pelosi, whose husband has heavily invested in Tesla.
Pelosi’s husband, Paul Pelosi, invested anywhere from $500,000 to $1 million in Tesla last December, according to financial disclosures. The electric car maker stands to benefit greatly from Biden’s infrastructure plan. Pelosi’s deputy chief of staff, Drew Hammill, told Fox that the speaker had no “prior knowledge” of the investment.
"If you read the disclosure here, you will see that under the 'Owner' column each is marked SP for spouse," Hammill stated. "The speaker has no involvement or prior knowledge of these transactions."
According to the transaction report, Paul Pelosi purchased 25 call options, essentially a nonbinding agreement to purchase a stock at a set price by a certain date, of Tesla stock for somewhere between $500,000 and $1 million on December 22. The report also notes that Pelosi bought 100 call options each of Apple stock and Walt Disney stock along with 20,000 shares of Alliance Bernstein stock. Members of Congress are allowed to buy and sell stocks, but they are not allowed to use information provided by their positions to make their investments.
The Associated Press reports that although “Pelosi’s husband’s investment was legal, it has drawn scrutiny from critics who argue that members of Congress should not be allowed to trade individual stocks at all. The House Speaker is likely to play a key role in shaping U.S. clean energy policy, and the investment means Pelosi could stand to financially benefit from the success of one electric vehicle company, Tesla.”
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