Nancy Pelosi said that her husband exercised stock call options.
A bill that would ban members and their spouses from trading individual stocks was introduced a week before the options were exercised.
Pelosi's husband sold call options in two companies for a loss after Biden signed the bill into law.
Speaker of the House Nancy Pelosi's husband exercised seven-figures worth of stock call options days before House leadership unveiled a bill that would ban members of Congress and their spouses from trading individual stocks.
Nancy Pelosi stated that the stock purchase was between $1 million and $5 million. The values of such trades must be reported by members of Congress.
On September 16th, the day the options were set to expire, Paul Pelosi exercised his option. The parent company of the internet search engine is calledAlphabet.
A Nancy Pelosi-backed bill banning members of Congress and their spouses from trading individual stocks was introduced a week before that date.
The disclosure states that Paul Pelosi sold call options in the two companies for a loss about a month after the law was signed.
Paul Pelosi lost $361,476 when he sold 50 call options of NVIDIA at a strike price of $26.86 per share.
He sold 100 call options of Micron Technology at a price of $1.84 per share and a loss of $392,575.
Nancy Pelosi rarely volunteers that level of detail about stock trades by herself or her spouse. The last time Nancy Pelosi disclosed that her husband traded for a loss was in July of this year.
The White House said that a $40 billion investment in memory chip manufacturing was spurred by the act.
Many companies signed an open letter in June asking leaders of Congress to pass the bill.
Speaker Pelosi's husband is an investor.
Representatives for Pelosi did not respond to questions from Insider about Pelosi's stock-trading habits.
Nancy Pelosi denied that Paul Pelosi stock trades based on information she gives him.
The trades that the speaker reported in the next two years were collected by Insider. A previous analysis from Insider found that the speaker is the 14th wealthiest member of Congress with an estimated net worth of at least $46 million.
Congress is debating whether its members and their spouses should be allowed to buy, hold, or sell individual stocks in the first place.
The speaker opposed a ban.
She said that they should be allowed to participate in the free market.
Nancy Pelosi backpedaled on her position after being criticized by both Republicans and Democrats.
Pelosi told the House Administration Committee to review all the bills that are coming in and see which ones have the support of the caucus. I'm okay with members doing that.
The ban on congressional stock trading was introduced in September.
It proposed a stock ban for the Supreme Court and key executive branch officials and was criticized as too broad by Democrats and good-government advocates.
The bill was put on hold until after the elections.
Insider's " Conflicted Congress" project has identified 72 members of Congress who have violated disclosure provisions of the Stop Trading on Congressional Knowledge Act of 2012
Several financial conflicts have been found among elected and appointed officials across the government.
Business Insider has an article on it.
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