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https://www.foxbusiness.com/politics/paul-pelosi-sold-google-shares-prior- doj-antitrust-suit
Pelosi reported the sale of Google stock in three different transactions between Dec. 20 and Dec. 28, 2022, each of which involved the sale of
10,000 shares of stock in Google's parent corporation Alphabet Inc. The Periodic Transaction Report filed with the House notes that each
transaction involved an amount between $500,001 and $1,000,000 and yielded capital gains of more than $200 � although it's unclear how large the
profit was. Taken together, the trades involved 30,000 shares and between
$1.5 million and $3 million of assets.
The DOJ and eight states announced a lawsuit against Google on Tuesday, alleging that the company engaged in anticompetitive behavior and
exercised a monopoly over internet search traffic.
JOSH HAWLEY INTRODUCES PELOSI ACT TO BAR LAWMAKERS FROM TRADING STOCKS AND PROFITING WHILE IN OFFICE
"Google�s anticompetitive behavior has raised barriers to entry to
artificially high levels, forced key competitors to abandon the market for
ad tech tools, dissuaded potential competitors from joining the market,
and left Google�s few remaining competitors marginalized and unfairly disadvantaged," the DOJ and the states allege.
The Pelosi family's stock transactions have attracted scrutiny in recent
years. Prior to Congress' passage of the CHIPS Act last year, which was ultimately signed into law and provided a roughly $52 billion subsidy to
boost domestic computer chip production, Paul Pelosi bought between $1
million and $5 million in shares of Nvidia.
NANCY PELOSI�S OFFICE RESPONDS TO HUSBAND�S CONTROVERSIAL COMPUTER CHIP
STOCK PURCHASE AHEAD OF CONGRESS VOTE
In July, a spokesman for then-Speaker Pelosi's office told FOX Business
that she "does not own any stocks" and "has no prior knowledge or
subsequent involvement in any transactions."
The spokesman said that Pelosi asked the House committee tasked with
regulating members' financial disclosures to "examine the issue of
Members' unacceptable noncompliance with the reporting requirements in the STOCK Act, including the possibility of stiffening penalties." Legislation
to ban members of Congress from trading stocks stalled at the end of the
117th Congress, although lawmakers have since reintroduced proposals on
the subject.
Pelosi's office did not immediately respond to FOX Business' request for comment on this story.
BIPARTISAN TEAM REINTRODUCES BILL THAT WOULD BAN MEMBERS OF CONGRESS FROM TRADING INDIVIDUAL STOCKS
Sen. Josh Hawley, R-Mo., introduced the Preventing Elected Leaders from
Owning Securities and Investments (PELOSI) Act this week, which would ban lawmakers in Congress from stock trading. Hawley reacted on Twitter to the
news about the Pelosi family's latest stock trade:
Efforts to increase oversight and promote transparency into lawmakers' investments increased after revelations that then-Sen. Richard Burr, R-
N.C., abruptly sold hundreds of thousands of dollars from his investment portfolio after he received a closed-door briefing in February 2020 on the potential impact of the COVID-19 pandemic.
Burr was investigated over the trades by the Securities and Exchange Commission, which announced earlier this month that it ended its probe
without taking action against him.
It's unclear if the current Congress will hold votes on legislation
related to the dealings of lawmakers and their families on financial
markets. One of the main laws on the subject that is currently on the
books is the Stop Trading on Congressional Knowledge (STOCK) Act of 2012,
which requires lawmakers to report stock trades to Congress within 45 days
of completing a transaction.
The law also prohibited the use of non-public information for private
profit, including insider trading by members of Congress and other
government employees.
Fox Business' Anders Hagstrom, Hillary Vaughn and Danielle Wallace
contributed to this report.
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