Report: Tom Price traded health-related stocks while in Congress

U.S. Rep. Tom Price, R-Ga., gives a speech about overhauling the budget process on Nov. 30 in Washington, D.C.. (Photo by Alex Wong/Getty Images)

U.S. Rep. Tom Price, R-Ga., gives a speech about overhauling the budget process on Nov. 30 in Washington, D.C.. (Photo by Alex Wong/Getty Images)

The Wall Street Journal reported Thursday that Georgia Rep. Tom Price traded more than $300,000 in shares of medical companies while in the U.S. House, which could mean more trouble for the Roswell Republican as he gears up for what’s likely to be a contentious hearing to be Donald Trump’s health secretary.

From the WSJ report:

Rep. Tom Price, a Georgia Republican, bought and sold stock in about 40 health-care, pharmaceutical and biomedical companies since 2012, including a dozen in the current congressional session, according to a Wall Street Journal review of hundreds of pages of stock trades he filed with Congress.

 

In the same two-year period, he has sponsored nine and co-sponsored 35 health-related bills in the House. His stock trades included Amgen Inc., Bristol Meyers Squibb Co., Eli Lilly & Co., Pfizer Inc. and Aetna Inc.

 

His largest single stock buy was an August 2016 purchase of between $50,000 and $100,000 of an Australian biomedical firm, Innate Immunotherapeutics Inc., whose largest shareholder is a GOP congressman on the Trump transition team, according to the filings, which list price ranges. The stock has since doubled in price.

Price spokesman Phil Blando told the Journal that the Roswell Republican has “complied fully with all applicable laws and ethics rules governing his personal finances,” and that he would comply with the law if confirmed. Another Price aide declined further comment.

The trading is sure to be invoked during his Senate confirmation hearings next year. A 2012 law bans members and employees of Congress from using “nonpublic information” for their own financial benefit.

Georgia Democrats quickly raised questions about his stock trades.

“Citizens have a right to expect that their elected officials do what’s best for the community without concern for their own enrichment,” said Democratic state Sen. Vincent Fort, who served in the chamber with Price in the late 1990s and early 2000s. “Rep. Price owes this nation an explanation of his conduct before he becomes the leader of one of the most important federal agencies.”

Democratic Party of Georgia spokesman Michael Smith called it another of “many red flags” about Trump’s appointments to his Cabinet.

“The avalanche of conflicts of interest are foreboding of an administration more concerned with profit and personal gain than what’s in the best interest of the American people,” he said.

More AJC coverage on Tom Price:

Tom Price, the Georgian who will lead Trump’s health policy

Georgia Democrats target Tom Price’s vote on Confederate flag emblem

Tom Price’s promotion sparks a medical backlash

Tom Price, Kasim Reed and the Art of the Deal: Georgia edition

Price’s promotion sets off a scramble to fill his north Atlanta seat 

Confirmation appears clear for Georgia’s Price as health secretary

Scoop: Georgia Rep. Price expected to join Trump Cabinet

Reader Comments 0

3 comments
pmburns
pmburns

This info perhaps explains his wealth increase since he became a representative.  Ethically and legally it is super sketchy but doubt the people who elected trump are concerned about ethics and  legality of people in the coming administration.  The drain in the swamp is clogged by Republican hair, mucus, toe jam and bulls..t.

HowdyJune
HowdyJune

I am reminded of Abraham Lincoln's famous quote:  "You can fool some of the people all of the time and all of the people some of the time, but you can't fool all of the people all of the time".   Trump has promised to repeal the Affordable Care Act, to build a wall on the southern border, to wipe ISIS from the earth, to restore the manufacturing jobs lost in the rust belt, to restore the coal mining jobs lost in Appalachia, to "fix" the inner cities if they will trust him, and on and on.  It'll be interesting to watch what happens. Moreover, he is going to rebuild the infrastructure, to expand nuclear weapons research and development, to reduce the corporate tax rate from 35% to 15%, and to cut the top tax brackets. If China simply decides to just sell their U.S. Treasuries, interest rates would soar, sharply increasing the interest that must be paid on the almost 20 trillion dollar National deficit to say nothing about the impact of sharply higher interest rates required for the rest of us to buy a home or a car.  Much worse, if China were to lift its restraint of North Korea, then Trump would deliver on one campaign promise:  to return the U. S. to the "good old" days, all the way to 1950.  He can "rip up" NAFTA and demand that Canada and Mexico renegotiate it.  Fat chance.  He can "rip up" the Iran Nuclear Agreement, and watch what happens in Iran.  He can impose his "Muslim registry" and do what Presidents Bush and Obama refused to do, that is, to Unite Muslim nations in a Holy War against the West.  He can demand that Western European countries pay more for NATO and, if they don't, watch what the Russians do.  Price has no healthcare plan.  His proposals did not receive the first vote in the House during the six years since the ACA was enacted.  If you get the idea that I am very troubled and concerned about what will happen in this country after January 20, 2017, you would be right.

newsphile
newsphile

While most of these elected bandits escape punishment, the lack of ethics, the abuse of political office as a cash cow is beyond shameful.  Politics has become little more than a contest to see who can steal the most.  Price is disgusting.