Paul Pelosi exercises up to $5 million in Google call options ahead of stock ban bill unveiling
House Speaker Nancy Pelosi's husband, Paul Pelosi, exercised call options on $1 million to $5 million worth of stock for Alphabet Inc., Google's parent company, as legislation was being drafted to ban Capitol Hill lawmakers and immediate family members from purchasing individual stocks, according to House document dated Oct. 14.
The transaction date of the House's Periodic Transaction Report is Sept. 16. At that time, several different stock ban bills had been proposed in the House. The House Democratic leadership's version was rolled out about one week after Pelosi, a wealth investor, exercised his call options.
A call option is a financial contract that gives the buyer the option, but not the obligation, to buy a stock, bond, commodity or other asset.
Speaker Pelosi ultimately did not put the stock ban legislation up for a vote before the House recess began.
"We didn't have the votes," the California Democrat said. "I wish we would've had the Republicans to vote for it because we're almost there, but there are a few of our members who just, Steny has said he doesn't want to vote for it, but I can only lose three votes."
House Majority Leader Steny Hoyer, who opposed bringing the bill to the floor before the House recess, said he wanted to see harsher penalties for insider trading in the legislation.