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Washington (CNN)Rep. Tom Price last year purchased shares in a medical device manufacturer days before introducing legislation that would have directly benefited the company, raising new ethics concerns for President-elect Donald Trump's nominee for Health and Human Services secretary.
Price bought between $1,001 to $15,000 worth of shares last March in Zimmer Biomet, according to House records reviewed by CNN.
Less than a week after the transaction, the Georgia Republican congressman introduced the HIP Act, legislation that would have delayed until 2018 a Center for Medicare and Medicaid Services regulation that industry analysts warned would significantly hurt Zimmer Biomet financially once fully implemented.
Zimmer Biomet, one of the world's leading manufacturers of knee and hip implants, was one of two companies that would been hit the hardest by the new CMS regulation that directly impacts the payments for such procedures, according to press reports and congressional sources.
After Price offered his bill to provide Zimmer Biomet and other companies relief from the CMS regulation, the company's political action committee donated to the congressman's reelection campaign, records show.
If confirmed, Price will be a key player in Trump's efforts to repeal the Affordable Care Act. Trump last week said a plan to repeal and replace Obamacare will be submitted "as soon as" Price is confirmed. He will appear before the Senate health committee this week, but must also appear before the Senate Finance Committee.
The new revelation is the latest example of Price trading stock in a health care firm at the same time as pursuing legislation that could impact a company's share price. The issue has become a major liability for the congressman after The Wall Street Journal reported last month that he traded roughly $300,000 in shares over the past four years in health companies while pursuing legislation that could impact them.
http://www.cnn.com/2017/01/16/politics/tom-price-bill-aiding-company/index.html
Score one more the swamp.
Price bought between $1,001 to $15,000 worth of shares last March in Zimmer Biomet, according to House records reviewed by CNN.
Less than a week after the transaction, the Georgia Republican congressman introduced the HIP Act, legislation that would have delayed until 2018 a Center for Medicare and Medicaid Services regulation that industry analysts warned would significantly hurt Zimmer Biomet financially once fully implemented.
Zimmer Biomet, one of the world's leading manufacturers of knee and hip implants, was one of two companies that would been hit the hardest by the new CMS regulation that directly impacts the payments for such procedures, according to press reports and congressional sources.
After Price offered his bill to provide Zimmer Biomet and other companies relief from the CMS regulation, the company's political action committee donated to the congressman's reelection campaign, records show.
If confirmed, Price will be a key player in Trump's efforts to repeal the Affordable Care Act. Trump last week said a plan to repeal and replace Obamacare will be submitted "as soon as" Price is confirmed. He will appear before the Senate health committee this week, but must also appear before the Senate Finance Committee.
The new revelation is the latest example of Price trading stock in a health care firm at the same time as pursuing legislation that could impact a company's share price. The issue has become a major liability for the congressman after The Wall Street Journal reported last month that he traded roughly $300,000 in shares over the past four years in health companies while pursuing legislation that could impact them.
http://www.cnn.com/2017/01/16/politics/tom-price-bill-aiding-company/index.html
Score one more the swamp.
