On August 1st, Cailian Press reported that in addition to Wall Street, a group of "stock gods" has emerged in the U.S. Capitol Hill in recent years, and former Speaker of the House Nancy Pelosi is a typical example. She has long been accused of using insider information to help her family's stock trading and has profited immensely.

Speaker Nancy Pelosi just disclosed the latest stock trades by her husband Paul Pelosi. According to a financial disclosure filed on July 30, Paul Pelosi bought more NVIDIA stocks a few days ago while reducing his holdings in Microsoft stocks.

According to the disclosure, on July 26, Paul bought 0.01 million shares of NVIDIA stocks, with a transaction value between 1 million and 5 million US dollars, as well as sold 5000 shares of Microsoft stocks, with a transaction value between 1 million and 5 million US dollars.

And according to another disclosure a few weeks ago, Paul purchased 0.01 million shares of NVIDIA stocks at the end of June.

On Wednesday, Federal Reserve Chairman Powell's signal for a rate cut in September ignited investor optimism, and the three major U.S. stock indexes rose together, with the Nasdaq rising more than 2.5%.

NVIDIA rose nearly 13% on Wednesday, with a one-day market cap increase of 329 billion US dollars, the largest gain in history. Competitor AMD's performance exceeded expectations, sparking market optimism for the semiconductor industry. NVIDIA is expected to announce its financial report at the end of August.

Microsoft fell more than 1% on Wednesday, cloud computing revenue in the latest quarterly report was disappointing.

Due to considerable ROI, the trading of "Congressional stock gods" has attracted a number of followers, and some ETFs that track the transactions of congressmen and their families have emerged.

Stock trading by congressmen is controversial.

In recent years, the trading activities of congressmen and their spouses have been criticized, and some have called for a ban on them trading individual stocks because they are more likely to have access to sensitive or non-public information.

Nancy Pelosi has long been opposed to such legislation. In response to "possibly banning congressmen from stock trading" in December 2021, Pelosi said, "We are a free market economy. They (congressmen) should be able to participate in it."

In July 2022, Pelosi denied allegations that her husband used information shared between them for stock trading. "Absolutely not," Pelosi said.

However, since then, Pelosi's stance on such legislation has softened and she has expressed willingness to support a law that restricts congressmen from trading individual stocks.

Since the 2009 financial crisis, the personal stock trading of U.S. congressmen has been under scrutiny, and in recent years, this scrutiny has increased significantly, especially after some congressmen made profitable trades.

Last month, a bipartisan group of senators released a new bill that would ban congressmen from trading individual stocks. This proposal is the latest effort within Congress to pass a law that restricts congressmen from stock trading.

Editor/Lambor