WASHINGTON, DC – One day before President Joe Biden announced that the federal government is going to ramp up its purchasing power to convert its gas-based fleet of vehicles across the entire government, House Speaker Nancy Pelosi bought $1,000,000 worth of electric car manufacturer Telsa’s stock. The news broke on January 26th.
The next day, Biden announced his plan to convert the federal fleet, raising questions of ethics violations and quite possibly insider trading.
“We see these workers building new buildings, installing 500,000 new electric vehicle charging stations across the country as we modernize our highway systems to adapt to the changes that have already taken place. We see American consumers switching to electric vehicles through rebates and incentives, and the residents of our cities and towns breathing cleaner air, and fewer kids living with asthma and dying from it. And not only that, the federal government owns and maintains an enormous fleet of vehicles, as you all know,” Biden said. “With today’s executive order, combined with the Buy American executive order I signed on Monday, we’re going to harness the purchasing power of the federal government to buy clean, zero-emission vehicles that are made and sourced by union workers right here in America.”
Moving forward, Pelosi’s investment in Tesla could prove a tricky situation for Pelosi as she is expected to participate in legislation that enhances America’s reliance on clean energy, including the automotive industry.