Pro-Trumpcare Republicans Owned Millions in Health Care Stock
Pro-Trumpcare Republicans Owned Millions in Health Care Stock
Forty lawmakers who voted for AHCA had more than $23 million in investments and made more than $2 million in profit. And some of the most heavily invested cast key votes.
Justin Glawe
05.24.17 1:00 AM ET
Forty Republican representatives who voted for the American Health Care Act held shares in health care companies valued at $23 million and earned more than $2 million off those investments, a Daily Beast review of the most-recent financial records found.
The investments may be worth as much as $39 million and grossed as much as $6 million in profits, according to the disclosure reports that require members of Congress to report investments and income within a price range.
Several Republicans with key roles in passing the bill held more than $500,000 in medical stock.
The majority of the companies in which lawmakers own stock represent the giants of the pharmaceutical and medical-device industries. Republicans owned between $1.3 million and $4.9 million worth of stock in Abbott Labs, Johnson and Johnson, and 3M, three of the country’s largest medical-device manufacturers. They also owned between $2.7 million and $5.5 million in pharmaceutical giants Merck, Pfizer, Bristol-Myers Squibb, Pfizer, and Shire.
The AHCA would benefit these companies by eliminating billions of dollars in taxes and fees on pharmaceutical and medical-device manufacturers—a provision of the bill that doesn’t reflect a violation of ethics rules because it will have a broad effect across health care industries, according to ethics experts.
The remaining 174 representatives who voted for the AHCA did not own any health care stock, The Daily Beast’s review found. The most recent data is from 2015. Disclosure reports for 2016 were due last week and are not yet fully available.
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http://www.thedailybeast.com/articles/2017/05/24/pro-trumpcare-republicans-owned-millions-in-health-care-stock
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