The Speaker of the House, Democrat Nancy Pelosi, will profit from her husband’s recent electric vehicle investments. The manufacture of these will be heavily subsidized by the spending bill passed by the president, Joe Biden.
According to Fox News on April 5, this would be an example of Pelosi “using her power to tax the middle class and personally profit from it,” condemned the national press secretary of the Republican Congressional Committee, Torunn Sinclair.
Take Back.org executive director John Pudner had already criticized that investment by Pelosi, who purchased $1.5 million in stock in electric car maker Tesla, days before Biden’s announcement.
“It’s corrupt and unacceptable for members of Congress, particularly the speaker, to trade stocks in companies affected by their votes in Congress,” Pudner said.
Likewise, University of Florida management professor Aaron Hill referred to the controversial case, explaining that Congress members can obtain information or even influence and take advantage of significant investment decisions.
He said, “The problem is that there are a lot of things that any congressman could do behind the scenes to positively influence Tesla’s [actions], such as delaying legislation and introducing it.”
President Biden last week announced his new spending bill, which reserves $174 billion as subsidies for electric vehicles, charging stations, and similar policies.
The president said the government would buy 645,000 “clean vehicles for federal, state, tribal, postal and local fleets.” From that, Tesla would receive subsidies from taxpayer contributions to fulfill the order. The Pelosi’s get a significant return on their investment.
In this regard, Senate Republican leader Mitch McConnell of Kentucky notes one of the inconsistencies of the infrastructure spending bill passed by the Democrats, which would invest only 6 percent of the money in “roads and bridges.”
Further, “It would spend more money just on electric cars than on America’s roads, bridges, ports, airports, and waterways combined,” McConnell said.
McConnell considers the approved $2.25 trillion spending bill could be considered more of a Trojan Horse, used by Democrats to push the controversial Green New Deal agenda to reverse theoretical climate change supposedly.
Behind the guise of “infrastructure” investment, the mammoth budget is “a way to achieve many of the Green New Deal goals” and not a specific infrastructure plan, McConnell said.