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Tags: Tom Price | HHS | stocks | ethics

CNN: Trump HHS Pick Pushed Bill That Favored Stock He Owned

CNN: Trump HHS Pick Pushed Bill That Favored Stock He Owned

Rep. Tom Price, R-Ga. (AP Photo/Ron Sachs)

By    |   Monday, 16 January 2017 07:56 PM EST

Tom Price, President-elect Donald Trump's nominee for Health and Human Services secretary, bought stock in a medical device maker, then introduced legislation to help the company while he was a Congressman, CNN reported.

Georgia Republican Rep. Tom Price, who is also an orthopedic surgeon, purchased between $1,001 and $15,000 worth of shares in Zimmer Biomet in March, CNN reported, citing House records.

Less than a week after buying the shares, Price introduced the HIP Act, which would have delayed a regulation until 2018 that was believed to have hurt Zimmer Biomet's business.

After Price introduced the bill, Zimmer Bioment's political action committee donated to Price's re-election effort, CNN reported.

Congress passed the STOCK Act in 2012 to stop members of the House and Senate from profiting off insider information they learned from the legislative process.

Price spokesman Phil Blando did not respond to CNN's questions about the story, saying only, "Dr. Price takes his obligation to uphold the public trust very seriously. The Office of Government Ethics has completed an exhaustive review of Dr. Price's financial holdings and just as Dr. Price was compliant with congressional disclosure rules, Dr. Price will comply fully with the recommendations put forward by the ethics office."

Senate Minority Leader Chuck Schumer said the report should prompt an ethics investigation.

"This new report makes clear that this isn't just a couple of questionable trades, but rather a clear and troubling pattern of congressman Price trading stock and using his office to benefit the companies in which he is investing," he said. "The Office of Congressional Ethics needs to conduct an immediate and thorough investigation into these potential violations of the STOCK Act before Rep. Price's nomination moves forward."

The Wall Street Journal reported in December that Price had traded $300,000 in stocks in companies while working on legislation that could have an effect on them.

Former Pennsylvania Sen. Rick Santorum told CNN's "Erin Burnett Outfront" he was told Price's deals were made through a broker-directed account over which he had no input.

"If that's the case, if it was a broker making the decision, he was not aware of these decisions being made, that's a different kettle of fish than if you go out and have money, and you go invest in the stock, and go ahead and introduce legislation to help that company," Santorum said.

Price's confirmation hearing is set to begin Wednesday. He has vowed to divest from Zimmer Biomet and 42 other companies within 90 days of being confirmed.

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Politics
Tom Price, President-elect Donald Trump's nominee for Health and Human Services secretary, bought stock in a medical device maker, then introduced legislation to help the company while he was a Congressman, CNN reported.
Tom Price, HHS, stocks, ethics
419
2017-56-16
Monday, 16 January 2017 07:56 PM
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