(PresidentialWire.com)- A financial report discloses that Alabama Republican Sen. Tommy Tuberville purchased thousands of dollars in computer chip firm shares only days before President Joe Biden signed legislation granting billions of dollars in subsidies to stimulate U.S. chip production.
According to documents issued to the media, Tuberville purchased up to $265,000 in Intel shares on August 5. Four days later, Biden signed the CHIPS Plus Act, a bipartisan competitiveness law that includes $52 billion in subsidies for chipmakers like Intel.
Reports show Intel is one of the world’s leading semiconductor makers, with over $79 billion in revenue in 2021. The business has extensively fought for chip subsidies in recent years.
In August, Intel announced a $30 billion deal with an investment management organization to finance the construction of additional chip facilities.
According to the senator’s spokeswoman, Tuberville voted against the subsidy bill in July. She claimed Tuberville had financial consultants who actively managed his portfolio without his day-to-day involvement.
Nonetheless, one watchdog organization remarked that if members of Congress trade stocks around key legislation, Americans have a right to ask questions.
Jordan Libowitz, a spokesperson for the Washington-based progressive watchdog Citizens for Responsibility and Ethics, remarked that Sen. Tuberville’s purchases occurred after the votes, so it does not appear he was utilizing non-public information.
However, Libowitz explained that the fact that we’re being asked about it demonstrates how uneasy Americans are with their representatives profiting off the activities of Congress, even if it’s on things they voted against.
The senator’s stock purchase follows House Speaker Nancy Pelosi’s husband Paul’s purchase of millions of dollars of Nvidia stock before senators voted on the subsidy measure.
The New York Times released an article about politicians selling stocks while serving on committees, which might have provided them with critical financial information. Tuberville traded shares in pharmaceutical businesses while serving on the Senate Health Committee.
The CEO of the nonpartisan anti-corruption group RepresentUs, Joshua Graham Lynn, told the media that it was time for a major crackdown on conflicts of interest, which would be the first step toward regaining confidence.
Reports show Senate Democrats are postponing the presentation of legislation prohibiting members of Congress from trading stocks until after the midterm elections in November.
And the next Congress will probably do the same.