Former House Speaker Nancy Pelosi (D-Calif.) disclosed in a periodic transaction report filed Tuesday with the Office of the Clerk of the U.S. House of Representatives that her spouse, Paul Pelosi, executed a $5 million call-spread trade on Nvidia Corp. (NVDA) on April 18. The transaction involved purchases of $200-strike call options expiring January 2027 and the simultaneous sale of $260-strike calls of the same expiry, structured for a net debit of approximately $4.85 million.
The disclosure, filed within the 30-day STOCK Act-mandated window, reignited the public debate over congressional securities trading. The trade is structured to gain if NVDA closes between $200 and $260 by January 2027 — a profile that would generate a maximum payoff of approximately $9.5 million at the upper bound. Nvidia closed Tuesday at $214.40 (up 1.4% on the session) and is up 18% year-to-date.
STOCK Act 2.0 Reform Progress
The Senate passed S. 1486, the "Pelosi Act of 2026" — formally the Preventing Elected Leaders from Owning Securities and Investments Act — by a 67-31 vote on April 8, banning members of Congress, their spouses, and dependent children from trading individual securities. Conversion to blind-trust structures or broad-market index funds is required within 270 days of enactment for current members.
The bill has stalled in the House Rules Committee, where Chair Tom Cole (R-Okla.) has not scheduled a markup. House Majority Leader Steve Scalise (R-La.) said in a Tuesday press briefing that the measure "will be considered" but provided no timeline. Members of the bipartisan freshman caucus, including Reps. Sarah McBride (D-Del.) and Brittany Pettersen (D-Colo.), have signed an open letter urging immediate floor consideration.
Tracker ETFs and Public Sentiment
The Subversive Capital ETFs that track congressional trades — NANC (Democratic-leaning) and KRUZ