Michael Ginsberg(Daily Caller)
Democratic California Rep. Nancy Pelosi and her husband, Paul, unloaded more than $1.5 million in Alphabet stock one month before the Department of Justice announced an antitrust lawsuit against the tech giant.
The Pelosis sold 30,000 shares of Alphabet, the holding company for Google and several other firms, on Dec. 20, 21, and 28. They received between $1.5 million and $3 million for the total sale, netting capital gains of more than $600, according to a financial disclosure form Pelosi, filed on Jan. 12. The DOJ announced its lawsuit against Alphabet on Tuesday.
Pelosi’s office did not immediately respond to the Daily Caller’s request for comment on the matter.
The DOJ’s lawsuit alleges that Google has systematically bought out competitors and used its advertising to promote its own products. Alphabet stock dropped $2.71 on Tuesday, but has risen $6.04 since Pelosi sold her stock. (RELATED: Nancy Pelosi Flees The Podium After Being Asked About Her Husband’s Stock Trades)
During her tenure as speaker of the House, Pelosi opposed legislation that would rein in congressional stock trading. She argued that members should be able to buy and sell individual stocks since the U.S. has a “free market economy.” Legislation Pelosi approved of, introduced by fellow Democratic California Rep. Zoe Lofgren, would not force members to place stocks in truly blind trusts, according to ethics experts.
The Pelosis have faced scrutiny for their stock trades throughout Nancy Pelosi’s time in Congress. They bought and sold millions in Nvidia stocks ahead of a bill that subsidized the American semiconductor industry with $280 billion.
Republican Missouri Sen. Josh Hawley introduced the “PELOSI” Act on Tuesday, which would require lawmakers to place their stocks in blind trusts or forfeit them to the U.S. Treasury.