Slaughter Statement on the Growing Insider Trading Accusations Surrounding HHS Nominee
WASHINGTON, DC — Congresswoman Louise Slaughter (NY-25) today released the following statement on the growing insider trading accusations surrounding Congressman Tom Price, the president-elect’s nominee to head the Department of Health and Human Services. Last week, Slaughter called on the Securities and Exchange Commission (SEC) to conduct a complete investigation into the hundreds of stock trades made by Congressman Price. It is because of the law Slaughter wrote banning insider trading and increasing transparency for federal officials, the STOCK Act, that these questionable trades have come to light.
"The evidence continues to build that Congressman Tom Price, President-elect Trump's nominee for Secretary of Health and Human Services, made numerous trades of health care stocks, even as he worked on related legislation as a member of Congress. As the author of the STOCK Act, I have worked to put an end to public officials using their positions for personal profit. I have called on the SEC to conduct a swift and thorough investigation into Rep. Price's investment activities, but at best these trades show a pattern of questionable judgement in upholding the public trust," 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.
Filings required under the STOCK Act show 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.