By Jack Davis
Published July 20, 2020 at 6:44am
House Speaker Nancy Pelosi is among the lawmakers linked to business interests that profited from the federal Paycheck Protection Program.
A Pelosi spokesman said the Democrat’s husband, Paul, is a small investor in the company that owns the El Dorado Hotel in Sonoma, located in northern California’s wine country, according to an Associated Press report published by SFGate.
Paul Pelosi owns 8.1 percent in the company, EDI Associates, which amounts to somewhere between $250,000 to $500,000, Pelosi’s office said.
“Mr. Pelosi is a minor, passive investor in this company,” Drew Hammill, deputy chief of staff to the House speaker, told the AP. “He was not involved in or even aware of this PPP loan.”
EDI Associates was loaned between $350,000 and $1 million.
To the watchdog group Common Cause, the prospect of lawmakers benefitting so directly from a program intended to help American businesses survive the coronavirus lockdowns doesn’t encourage voter trust.
“It certainly looks bad and smells bad,” Common Cause spokesman Aaron Scherb told the AP.
As of June 30, the Treasury Department has loaned out $521 billion. To date, it has only identified companies that were loaned more than $150,000.
AP’s review of the recipients shows that a shipping business started by Transportation Secretary Elaine Chao’s family received a loan. Chao is married to Senate Majority Leader Mitch McConnell.
According to the AP, Foremost Maritime Co. was founded by Chao’s parents. Her sister runs the New York-based company, which received between $350,000 and $1 million.
“Neither my wife, nor I, have anything to do with that business and didn’t know anything about it,” McConnell told the AP.
https://www.westernjournal.com/nancy-pelosi-lawmakers-tied-businesses-profited-virus-relief-aid-passed/?ff_source=site&ff_medium=protrumpnews&ff_campaign=can