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Vulnerable Va. Dem. Accused of Insider Trading in CHIPS Scandal

'Elaine Luria has used her power to enrich herself by tens of millions of dollars since taking office... '

(Tony Sifert, Headline USA) Rep. Elaine Luria, D-Va., has come under fire for following in the footsteps of Democrat Speaker Nancy Pelosi and investing in companies that stand to benefit from the passage of congressional legislation, according to WAVY-10.

Luria, a millionaire who earlier this year described as “bullshit” attempts to ban lawmakers from making stock trades while in Congress, has been a key proponent of the CHIPS and Science Act of 2022, which passed the House on July 28 and now awaits President Joe Biden’s signature.

As Luria’s 2022 midterm opponent has pointed out, however, Luria is heavily invested in the semiconductor industry that is a major beneficiary of the CHIPS and Science Act.

“Elaine Luria’s vote to provide billions of dollars in subsidies for an industry in which she owns up to $25 million in stocks would be unethical, self-serving, and the latest example of how she will put her bottom line ahead of her constituents’ well-being,” Republican State Sen. Jen Kiggans said in a statement.

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Kiggans castigated Luria for capitalizing on insider knowledge while ordinary Americans suffer from skyrocketing inflation and the economic downturn formerly known as recession.

“Elaine Luria has used her power to enrich herself by tens of millions of dollars since taking office,” Kiggans said. “But while she has been busy raking in millions, Virginians have been battling an economic recession, 40-year high inflation, and crippling supply-chain and labor shortages.”

Luria responded by claiming that her investments (in the Nvidia Corporation, among others) were not at issue in the legislation.

“It’s a hollow political attack,” Luria told WAVY-10. “They’re not qualified for the subsidies that are addressed in the legislation.”

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The would-be oligarch also sits on Nancy Pelosi’s handpicked Jan. 6th House Select Committee, and had her moment in the sun when she co-led the show trial’s July 21 hearing.

“What you will learn is that President Trump sat in his dining room and watched the attack on television,” Lauria blustered during the hearing. “When lives and our democracy hung in the balance, President Trump refused to act because of his selfish desire to stay in power.”

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