If it passes, the BCRA will lead to a lot of people dying, and a lot more suffering and financial ruin. However, legislators can see benefits too!
Just as the House Republican bill to slash much of the Affordable Care Act moved forward, Rep. Mike Conaway, a Texas Republican and member of Speaker Paul Ryan’s leadership team, added a health insurance company to his portfolio.
An account owned by Conaway’s wife made two purchases of UnitedHealth stock, worth as much as $30,000, on March 24th, the day the legislation advanced in the House Rules Committee, according to disclosures. The exact value of Conaway’s investment isn’t clear, given that congressional ethics forms only show a range of amounts, and Conaway’s office did not respond to a request for comment.
It was a savvy move. Health industry stocks, including insurance giants like UnitedHealth, have surged as Republicans move forward with their repeal effort, which rolls back broad taxes on health care firms while loosening consumer regulations which prevent insurance companies from denying coverage for medical treatment. UnitedHealth has gained nearly 7 percent in value since March 24.
He wasn’t the only one. As the health care system overhaul advanced last month on the other side of Capitol Hill, Republican Sen. James Inhofe of Oklahoma purchased between $50,000 to $100,000 in UnitedHealth stock.
“Sen. Inhofe has a financial advisor who makes transactions on his behalf and these transactions are disclosed as required by the STOCK Act,” Nicole Hage, Inhofe’s spokesperson, told The Intercept. “The transaction you reference was routine and made without the Senator’s prior knowledge or consultation.”
The issue of insider political trading, with members and staff buying and selling stock using privileged information, has continued to plague Congress. It gained national prominence during the confirmation hearings for Health and Human Services Secretary Tom Price, when it was revealed that the Georgia Republican had bought shares in Innate Immunotherapeutics, a relatively obscure Australian biotechnology firm, while legislating on policies that could have impacted the firm’s performance.
The stock advice had been passed to Price from Rep. Chris Collins, R-N.Y., a board member for Innate Immunotherapeutics, and was shared with a number of other GOP lawmakers, who also invested in the firm. Conaway, records show, bought shares in the company a week after Price.
Amazing how much insurance companies stand to benefit from gutting the NEOLIBERAL BAILOUT of the insurance industry!
This is particularly disgusting, but as Harold Pollock says legislators should not be able to actively trade securities while they hold office.