House Speaker Nancy Pelosi (D-CA) has for weeks been open about her support for President Joe Biden’s new — and expensive — infrastructure proposal. But while she may claim to want to help the American people, a new report alleges that one of the biggest beneficiaries of the deal would be the speaker herself.
Citing recent House disclosure forms, a Friday report from the Washington Free Beacon revealed that Pelosi’s husband bought between $500,000 and $1 million worth of stock in Tesla late last year — just months before Biden unveiled a roughly $2 trillion plan that would provide a boon to the electric car industry.
According to the Free Beacon, Biden’s plan “sets aside $174 billion for electric vehicle subsidies, charging stations, and other provisions designed to push more Americans into electric cars over a decade.” That can only be good news for Tesla, a manufacturer of electric vehicles (or EVs) headed by the eccentric South African-born inventor Elon Musk.
“Biden’s infrastructure plan will lead to a windfall for Tesla and its shareholders,” the Free Beacon reported Saturday — and that apparently includes the speaker and her family.
A boon for EVs
Of course, it’s not exactly new information that EV manufacturers stand to benefit from Biden’s massive infrastructure deal, which was first unveiled by the White House last Wednesday.
In an article published that same day called, “Biden’s Economic Plan Is Great for EVs. It’s Even Better for Tesla Stock,” Barron’s writer Al Root noted that Tesla’s stock prices had already “bounced 4% Tuesday, partly in anticipation of the release of Biden’s plan.”
According to a White House fact sheet, the proposal, entitled “The American Jobs Plan,” even includes provisions to “electrify the federal fleet” of vehicles, “including [at] the United States Postal Service.”
A progressive wishlist
It’s facts like these — and Pelosi’s husband’s reported stake in the EV market — that have led critics like Torunn Sinclair, spokesperson for the National Republican Congressional Committee (NRCC), to cry foul.
“There’s a reason Nancy Pelosi is one of the most disliked politicians in America — she’s corrupt,” Sinclair told the Free Beacon. “This is yet another example of Nancy Pelosi using her power to tax the middle class and personally profit from it,” he added.
Criticism of the plan has also come from Republicans in Congress, including Senate Minority Leader Mitch McConnell (R-KY), who charges that the deal largely avoids the issue of infrastructure and instead, places its priorities elsewhere.
“This plan is not about rebuilding America’s backbone. Less than 6% of this massive proposal goes to roads and bridges,” McConnell said last week, according to Fox News. “It would spend more money just on electric cars than on America’s roads, bridges, ports, airports, and waterways combined.”
Only time will tell if Pelosi and her fellow Democrats will actually be able to push what is clearly little more than a liberal wishlist through Congress.