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Schumer Warns HHS Nominee Price May Have Violated Stock Act

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Schumer Warns HHS Nominee Price May Have Violated Stock Act

Tom Price was under investigation by fired US Attorney Preet Bharara

WASHINGTON (Reuters) – President-elect Donald Trump’s choice to run the Department of Health and Human Services may have broken the law by making a stock purchase just before he introduced legislation that would have benefited the firm, the Senate’s leading Democrat charged on Tuesday.

A confirmation hearing for Tom Price, a Republican congressman and orthopedic surgeon from Georgia, was scheduled for Wednesday before the Senate Health Committee. If confirmed, he would be a key player in carrying out Trump’s plans to overhaul Democratic President Barack Obama’s signature healthcare law.

CNN reported on Sunday that Price bought between $1,001 and $15,000 worth of shares last March in Zimmer Biomet Holdings Inc., a medical device manufacturer.

Days later, he introduced legislation in the House of Representatives that would have delayed a regulation that could have ultimately damaged the company, CNN said.

Senator Chuck Schumer of New York, the leader of the Democratic minority in the Senate, called on the Office of Congressional Ethics to investigate whether Price had violated the 2012 Stock Act, a law designed to combat insider trading.

Schumer said Price’s Zimmer Biomet purchase may have been in violation of that law. “It may be that this trade was illegal,” Schumer said on the Senate floor on Tuesday afternoon.

The Trump transition team said late on Monday that the stock purchase was directed not by Price but by a broker and that the congressman himself did not become aware of the stock buy until well after the legislation was introduced.

The transition team urged CNN to retract the story.

“Any effort to connect the introduction of bipartisan legislation by Dr. Price to any campaign contribution is demonstrably false,” said transition spokesman Phil Blando.

Schumer did not sound convinced. “Now they say there’s a broker, it’s kind of strange that this broker would pick this stock totally independently of him introducing legislation that’s so narrow and specific to this company,” Schumer told CNN on Tuesday.

Sean Spicer, who will serve as Trump’s White House spokesman, defended Price. “Regarding dem attacks on @RepTomPrice: this is a stock trade worth $300. You couldn’t get into a @SenSchumer fundraiser for that amount,” Spicer said in a tweet.

Another sign of trouble for Republicans in the healthcare arena emerged on Tuesday when the nonpartisan Congressional Budget Office said a repeal of Obamacare – a top priority of both Trump and congressional Republicans – would increase the number of people without health insurance by 18 million in the first year.

That number would grow to 32 million by the year 2026 and premiums would double in that time, the CBO said.

The report based its analysis on a Republican repeal bill that was passed a year ago but vetoed by Obama. Republicans say the same bill is the blueprint for the repeal effort now under way in Congress.

But House Speaker Paul Ryan, a Republican, characterized the CBO projection as “meaningless.” He said it did not take into account measures under consideration to replace the law or “actions that the incoming administration will take to revitalize the individual (insurance) market that has been decimated by Obamacare.”

Price, an ardent advocate of Obamacare repeal, is one of eight Trump Cabinet nominees who will face Senate confirmation hearings this week. The hearings started on Tuesday with Ryan Zinke, a Republican congressman from Montana tapped for interior secretary, and Republican philanthropist Betsy DeVos, the nominee for education secretary.

Trump’s presidential inauguration is on Friday and his team is hoping to have as many of his nominees as possible, perhaps as many as seven, confirmed by then.

Price, however, will not be one of them. A second Senate panel, the Finance Committee, must also hold a hearing and a vote on Price’s nomination, and it has not yet scheduled its hearing.

(Reporting by Steve Holland; Additional reporting by Susan Cornwell; Editing by Jonathan Oatis and Peter Cooney)

IMAGE: Rep. Tom Price (R-GA)  has been named secretary of health and human services.
REUTERS/Joshua Roberts



  1. helen.moyer January 18, 2017

    Read through following report to learn the way an individual mom was able to generate $89,844/year in her extra time on her computer or laptop without selling anything>>>
    -> START

  2. FireBaron January 18, 2017

    Oh, please, let the SEC go after him!

    1. Eleanore Whitaker January 18, 2017

      Trump will put his own “man” and it is always a man, as head of the SEC. Presidential privilege allows that. That’s why Madoff got away for 17 years with theft. Bush ’43 and Cheney refused to allow any investigations into Madoff’s thieving. Until they had to. The minute thousands of Madoff’s clients realized they had no retirement money, the SEC acted then and only then.

      See how well mob mentality works to force some lame brains to do their jobs?

  3. Mama Bear January 18, 2017

    and so what? So far Humpty Trumpty has bypassed all laws and rules of civility and no one has stopped him. This guy is a slime just like his soon-to-be boss, but he was a slime in the House too and no one seemed to care. Rules and laws do not apply to these people.

  4. Eleanore Whitaker January 18, 2017

    Excuses, excuses, excuses, excuses…That IS you get from Trump and his billionaire thugs. But, the good thing? These cock roaches are all in the same place now at the same time and we can as easily take them all down at once.

    Spicer is a twit who thinks he has WON …that’s the big word now out of the BIG MOUTHS of the right WE WON …WON WON …what they won is not what they think. But sometimes when morons can’t shut their big mouths long enough to face reality, they suffer the consequences most.

    Now, Republican Constituents are rallying at their state houses in the thousands thanks to the Big Mouths repealing the ACA. So when these Big Mouths go back home, the minute they step off the planes, they are going to be mobbed by their own.

    Poetic Justice.

  5. itsfun January 18, 2017

    A nominee may have done this or that. This guy is turning out to be another dirty Harry Reid. Just make things up and keep making things up.

    1. Bill P January 18, 2017

      Gee where did we see other people just make up things about a person in a political office. Let’s see “Wasn’t born in this country, is a Muslim, is a Socialist, is a Communist, didn’t attend the college he has a degree from and on and on. I wonder who they (Republicans) did this to (Does the name Obama ring a bell?)

      1. idamag January 18, 2017

        itsfun is a low I.Q. racist. Don’t expect anything honest to come from his mouth. If we were in danger of getting put in jail everytime we made a statement without facts to back it up, he would sneak away.

  6. CPAinNewYork January 18, 2017

    The Republicans are now on the run, Trump having promised to come up with a replacement for the ACA when they probably don’t have anything like a replacement.

  7. CPAinNewYork January 18, 2017

    The Congressional Budget Office is non-partisan. It issued a report that in effect said the Republicans don’t have a replacement for the Affordable Care Act and may propose something that will cost billions more.

    Indeed, how could they come up with a viable replacement in such a short time? It must be tough to be a trump confederate, what with his big mouth spouting off at inopportune moments.

    1. Todd Nelson January 18, 2017

      The republicans have been working on a replacement for the disastrous Obamacare for 2 years. Yu will see it within the next 3 weeks. Live with it.

      1. CPAinNewYork January 18, 2017

        They have? It’s hard to accept that, because Washington is a sieve when it comes to hiding secrets shared by more than two people.

        Why haven’t we heard more about this replacement?

        1. idamag January 18, 2017

          Because it doesn’t exist.

      2. idamag January 18, 2017

        yeah, yeah. It would seem like the new lifeboat should be in place before we sink the old one.

    2. idamag January 18, 2017

      They never intended to come up with a replacement.

      1. ivory69690@yahoo.com January 19, 2017

        and never plan on coming up with one thy work for the few of the country ! and if thy are to come up with a replacement plan rest assured it will have a lot of the things in the ACA has in it now . and its the people’s fault . for it is all right there in front of them and thy still seem to rather have these gang of pinheads in office instead of ones that would help them and not just the 1 &2 % greedy bastards

  8. Thomas Martin January 18, 2017

    Price is just another Trump blowhard bent on draining the swamp – his own.

    1. ivory69690@yahoo.com January 18, 2017

      jusy filling the new swamp up to over flow with the DUMPSTERS own sewerage

  9. ivory69690@yahoo.com January 18, 2017

    whats wrong with this pic ? dose the DUMPSTER think that the whole country are all of his brain dead followers ? hey DONNY DUMP there was more people that didn’t vote for you in the country . by votes you lost by 2,800,000 votes . never mind the ones that voted for the Independent ones that ran . for the life of me I cant understand why any Billionaire would want to take a government job ? confusing to me no common sense in this the only thing I can think of there DONNY DUMP greed that has some thing to do with it .what there’s billionaire will make in a year thy can make in a day not working for the government with the DUMPSTER at the head of it all it can only be no good common sense dose show that the only reason for this is there has to be plans of making a lot of money above and beyond the money for a year as a government worker . common sense would point more to a FRAUD,CON & SCAMMING money out of the country and yes the world also . with these greedy dirt bags that’s the only understandable answer

    1. idamag January 18, 2017

      They take the jobs because they are in the process of owning this country.

  10. idamag January 18, 2017

    That won’t matter. We now have new standards to go by. All the old rules and the Constitution, bah.

  11. ivory69690@yahoo.com January 19, 2017

    ok now thy have all these DUNPSTER clowns trying to be put in office seem (and rightly so ) thy all have to have these heavy back round checks and all even as far as their taxes to be known about big time back round checks . that’s all good so why is it for one to be the president of the US isn’t that this one dose not have the same back round check . is this coward 5 times draft dodger that beats and sexual assaults women and admits it on tape to be the most say the most powerful person on the earth shouldn’t the same examinations of ones with less important jobs in office ? shouldn’t the president be heal to the highest standards ?


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