Democrat Rep. Manning Invested Heavily In Chip Stocks One Day Before Voting For CHIPS Act

A House Democrat invested thousands in stock purchases of semiconductor manufacturing companies one day before voting to pass legislation providing massive federal subsidy funding for the industry.

Rep. Kathy Manning (D-NC) and her husband purchased up to $30,000 in shares of Micron Technology and up to $95,000 worth of Nvidia stock on July 27. The purchases as described in congressional financial disclosures required by law.

The following day, Manning voted in favor of the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act. The law will promote the expansion of domestic semiconductor manufacturing facilities inside the U.S. through tens of billions of dollars in new subsidies funded by taxpayers.

After voting for the CHIPS Act, Manning posted a tweet proclaiming that she was proud of her vote “to pass this historic investment in American CHIP manufacturing, lower costs, and creating good-paying jobs.”

A spokesperson from Manning’s congressional office said that the representative’s investments are all “in accounts entirely controlled by third party managers.” Manning’s office also claimed that she and her husband have “no discretion or control” over the management of their investments.

Manning and her husband have been accused in the past of failing to properly report dozens of stock transactions in the time frames required by the federal STOCK Act.

Micron has announced that it is planning a large new capital expansion after the CHIPS Act was signed into law by Joe Biden on Tuesday. It said that it plans to invest $40 billion by 2030 in building new manufacturing facilities in response to the passage of the law.

In a press release, Micron said that the funds provided by the CHIPS Act will “enable the world’s most advanced memory manufacturing in America.” It also said that it expected to begin domestic production by the second half of the decade adding up to 40,000 new American jobs.

Nvidia was in the news recently when it was reported that Speaker Nancy Pelosi’s husband Paul Pelosi spent up to $5 million on buying the company’s stock in advance of the vote on the CHIPS Act.

When the public reaction to the purchase negatively impacted Nancy Pelosi, her husband sold the stock. She went on to claim that her husband has never bought or sold any stocks based on information she possessed.

Micron primarily manufactures microchips and Nvidia designs them. Nvidia is expected to qualify for the benefits provided by the CHIPS Act as a design firm.

Micron’s stock price has gone up about 9% and Nvidia has increased by around 11% since Biden signed the CHIPS Act into law.