Health And Human Services Secretary Pick Tom Price Bought And Sold Health Care Stocks While Passing Legislation Affecting These Companies
Trump’s pick for Health and Human Services secretary bought and sold “more than $300,000 in shares of health-related companies over the past four years while sponsoring and advocating legislation that potentially could affect those companies’ stocks“.
Until a 2012 law referred to as the Stop Trading on Congressional Knowledge (STOCK) Act, which specifically prohibits insider trading, members of congress were legally permitted to buy and sell stocks of any company at any time (members of congress were previously exempt from the Securities Exchange Act and the Commodity Exchange Act).
However, Price’s trading history has raised some questions and scrutiny. For example, Price “championed his own legislation to replace the Obama administration’s Affordable Care Act” at the same time he purchased stock in Aetna, an insurance company set to profit from a repeal and replacement of the Affordable Care Act.
As HHS Secretary, Price would be prohibited from owning any companies regulated by his agency, or else must abstain from discussions and deliberations involving those companies.