It appears that House Speaker Nancy Pelosi (D-Calif.) is not the only one with impeccable timing when it comes to family stock purchases.
According to new disclosures, Democratic Rep. Kathy Manning (D-N.C.) bought thousands of dollars worth of semiconductor company stock the day before she voted to pass the CHIPS Act, which provides the sector with massive subsidies.
Fox Business reports that one of the companies in which Manning invested is already planning its own large-scale investments based on the passage of the legislation.
On July 27, Manning and her husband reportedly bought up to $30,000 in Micron Technology stocks and up to $95,000 in Nvidia stocks. The following day, Manning voted in support of passing the CHIPS Act, which provides the industry with tens of billions of dollars in subsidies and promises to help expand U.S. semiconductor manufacturing facilities.
“I’m proud of my vote to pass this historic investment in American CHIP manufacturing, lower costs, and creating good-paying jobs,” Manning later tweeted.
Today, the House sent the #CHIPS and Science Act to @POTUS’ desk for signature to become law.
I’m proud of my vote to pass this historic investment in American CHIP manufacturing, lower costs, and creating good-paying jobs.
— Congresswoman Kathy Manning (@RepKManning) July 28, 2022
When asked about the questionable stock purchases, Manning’s congressional office told Fox Business that she and her husband “have no discretion or control over the underlying assets held in the [investment] accounts,” which are “entirely controlled by third party managers.”
“Neither Congresswoman Manning nor her husband exercised, or attempted to exercise, any control or direction over any transactions executed within the accounts,” the office stated. “Congresswoman Manning supported the CHIPS Act to maintain semiconductor chip manufacturing in the United States because it creates good-paying American jobs and protects national security.”
The ink on President Biden’s signature on the CHIPS Act was barely dry when, the very same day, Micron announced it would be investing $40 billion into the building of chip manufacturing plants through the end of the decade.
“With the anticipated grants and credits made possible by the CHIPS and Science Act, this investment will enable the world’s most advanced memory manufacturing in America,” the company stated in a press release. “Micron expects to begin production in the second half of the decade, ramping overall supply in line with industry demand trends.”
According to Micron, the investment is the “largest in memory manufacturing in U.S. history.” The company projects it will result in the addition of up to 40,000 jobs.
Meanwhile, House Speaker Nancy Pelosi’s scandal-ridden husband Paul ponied up as much as $5 million for stocks in Nvidia mere weeks before his wife cast her CHIPS Act vote. After receiving heat over the timing of the purchase, Paul dumped the stock ahead of the vote. Amid the backlash, Speaker Pelosi insisted that her husband has never purchased stock based on information she provided.
Online, few are buying the left’s innocent explanations.
“Another democratic cockroach in the house,” said one user in response to Manning’s CHIP Act tweet. “She purchased $95k worth of chip stocks the day before voting to pass Chips Act. She also violated the stock act 51x in her freshman year at the house. These people only care about fattening their bank accounts.”
“How much did you make in profits?” asked another user. “Can you give me a heads up on the next deals? Look out for the every day citizen, just sayin!”
“I’m sure you are very proud….of yourself for personally investing thousands of dollars in chip manufacturing stocks 1 day prior to the house vote!!” stated a third. “I have absolutely no respect for you and your lack of character.”
Another democratic cockroach in the house. She purchased $95k worth of chip stocks the day before voting to pass Chips Act. She also violated the stock act 51x in her freshman year at the house. These people only care about fattening their bank accounts. https://t.co/bx5KQX3oZW
— Joey James (@SmashP0NY) August 12, 2022
How much did you make in profits? Can you give me a heads up on the next deals? Look out for the every day citizen, just saying!
— Erictheawefull (@flyzfishing) August 12, 2022
I’m sure you are very proud….of yourself for personally investing thousands of dollars in chip manufacturing stocks 1 day prior to the house vote!! I have absolutely no respect for you and your lack of character
— Brad McDowell (@BradMcdowell59) August 12, 2022
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