Paul Pelosi sells Visa stock before federal antitrust charges

The sale occurred less than three months before the Justice Department filed a lawsuit against Visa, alleging the company had illegally monopolized the debit card market. This lawsuit followed a multi-year investigation into Visa’s business practices, which included claims that the company pressured fintech firms and merchants to use its services by threatening penalties. Critics have pointed to the Pelosis’ history of successful stock trades and Nancy Pelosi’s political connections as reasons for increased scrutiny of their financial dealings. Despite her spokesperson’s assertion that she does not own stocks or engage in transactions, the timing of Paul Pelosi’s stock sale has fueled speculation about insider trading and the need for stricter regulations governing stock trades by members of Congress and their families.

Key Points

• Transaction Details: Paul Pelosi sold 2,000 shares of Visa valued between $500,000 and $1 million, as recorded in a congressional filing dated July 3.
• Antitrust Charges: The Department of Justice filed a lawsuit against Visa on September 24, alleging illegal monopolization of the debit card market.
• Political Context: Nancy Pelosi has opposed bipartisan efforts to restrict stock trading by lawmakers, raising concerns about potential conflicts of interest.
• Public Perception: The Pelosis’ financial activities have sparked debate about the ethics of stock trading by politicians, particularly given the timing of Paul Pelosi’s Visa stock sale.