Slaughter’s STOCK Act Reveals More Troubling Stock Trades for HHS Nominee Tom Price
WASHINGTON, DC — Congresswoman Louise Slaughter (NY-25) released the following statement in reaction to new reports today that the law she wrote banning insider trading and increasing transparency for federal officials, the STOCK Act, has uncovered more troubling stock trades by Congressman Tom Price, the president’s nominee to head the Department of Health and Human Services. Slaughter was the first lawmaker to call on the Securities and Exchange Commission (SEC) to conduct a complete investigation into the hundreds of questionable stock trades made by Congressman Price.
"The troubling trades that have come to light today as a result of the STOCK Act are the latest indication that Congressman Price violated the public trust and potentially the law multiple times. How many questionable trades have to come to light before the president and Republican leadership admit that Congressman Price is too tainted by scandal to run the Department of Health and Human Services? The evidence of his questionable judgement is now overwhelming,” said Slaughter.
Congresswoman Slaughter first introduced the STOCK Act in 2006 and was instrumental in getting the legislation passed and signed into law on April 4, 2012. The bill prohibits the use of non-public information for private profit, specifically targeting insider trading by members of Congress, their staff, and other government employees. The STOCK Act’s requirement for public, timely disclosure of stock trades within 45 days brought the questionable trades to light.
Reports today indicate that Congress Price introduced legislation in the House that would have directly benefitted four companies that he invested in just three months prior. This follows prior reports outlining how Congressman Price also invested in a separate company after voting for legislation to benefit it. Today’s reports also indicate that the value of Congressman Price’s stake in Innate Immunotherapeutics Ltd. actually totaled between $100,000 and $250,000, contradicting his claim before a Senate committee that the value totaled only between $50,000 and $100,000.
Filings required under the STOCK Act previously uncovered that Congressman Price made hundreds of stock trades since those disclosures first became mandatory in 2012, including reported transactions involving stocks of 40 different companies in the health care sector. As chairman of House Budget Committee and member of the House Ways and Means Subcommittee on Health, Congressman Price was privy to information not available to the public.
As Slaughter’s letter to the SEC highlights, the fact that these trades were made and often timed to achieve significant earnings or avoid losses draws into question whether these transactions were triggered by insider knowledge.