Nancy Pelosi’s husband accused of taking advantage of inside trading information

A former Federal Reserve Bank president claimed on Thursday that Nancy Pelosi and her husband Paul “appear to have taken advantage of inside information” in relation to stock trades, according to The Daily Caller.

“Clearly people have taken advantage of inside information forever,” said Richard Fischer, who chaired the Federal Reserve of Dallas between 2005 and 2015, on CNBC’s “Squawk Box.”

“I’m sorry to see that Paul Pelosi and Nancy Pelosi and others appear to have taken advantage of inside information. Something needs to be done.”

Fischer’s remarks follow a report published on Wednesday by the Daily Caller News Foundation that described how Paul sold shares of computer chips stock worth up to $5 million before the Senate passed a measure that would give the industry billions.

On June 17, the DCNF said, Paul purchased up to $5 million worth of stock in Nvidia, one of the biggest semiconductor companies in the world. Paul lost about $341,000 after the sale, according to a financial declaration.

Nvidia develops and produces technologies, including graphics processors. Semiconductors are a key component in the multinational corporation’s business.

“As always, he does not discuss these matters with the Speaker until trades have been made and required disclosures must be prepared and filed,” Drew Hammill, deputy chief of staff for the House speaker, told the DCNF Wednesday. “Mr. Pelosi decided to sell the shares at a loss rather than allow the misinformation in the press regarding this trade to continue.”

According to Reuters, House Democrats want to forbid Congressmen and Congresswomen from trading equities in August. According to reports, senior employees and members’ spouses would be subject to the prohibition. Requests for comment from the House speaker’s office were not immediately fulfilled.