PROVIDED BY CNNNEXT.COM
You won't believe the stock market shenanigans Tom Price has been up to… or will you? Cenk Uygur and John Iadarola, hosts of The Young Turks, discuss.
Tell us what you think in the comment section below.
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“Rep.
Tom Price, Donald Trump’s pick for Health and Human Services Secretary bought thousands of dollars worth of shares in a medical device manufacturer days before introducing legislation to delay an industry regulation that would directly hurt the manufacturer, CNN reports.
Price bought between $1,001 to $15,000 worth of stock in Zimmer Biomet, an Indiana based firm that produces orthopedics products, in March 2016.
According to CNN, the following week, Price introduced the HIP Act, a bill designed to delay a new regulation that would harm Zimmer Biomet’s bottom line.
The bill involved a new Centers for Medicare and Medicaid Services regulation that changed how manufacturers like Zimmer Biomet receive Medicare reimbursement.
Price objected to the regulation, even spearheading a letter to Andy Slavitt, acting administrator of CMS.
According to CNN, two days after Price’s letter to Slavitt, Zimmer Biomet PAC donated $1,000 to Price’s reelection campaign.
Three months later, after Price introduced the legislation, the PAC donated another $1,000.
Larry Nombel, general counsel at the watchdog group Campaign Legal Center, told CNN if Price “believed in the bill, he should not have purchased the stock.””*
