WASHINGTON – Rep. Tom Price, Donald Trump’s choice for Health and Human Services secretary, batted down allegations Wednesday that he might have broken the law on his stock investments.
“Everything we have done has been aboveboard, transparent, ethical and legal,” Price, (R-Ga.) said at his Senate confirmation hearing.
“…There will be no conflict of interest whatsoever.”
The top Democrat at the hearing, Sen. Patty Murray (D-Washington), asked why Price invested in a private stock offering of Innate Immunotherapeutics, a small Australian company developing treatment for multiple sclerosis, last summer.
On Nov. 30, Price voted for the 21st Century Cures Act that could benefit Innate.
“Congressman, do you believe it is appropriate for a senior member of Congress actively involved in policy making in the health sector to repeatedly and personally invest in a drug company that could benefit from those actions?” Murray asked.
“That’s not what happened,” Price, a Kansas Republican, said.
“I had no access to nonpublic information.”
Democrats, led by Sen. Charles Schumer, are calling for an investigation of Price’s stock trades and placing a hold on his nomination until it’s complete.
CNN reported this week Price also purchased shares in a medical device manufacturer, Zimmer Biomet, days before introducing legislation that would have directly benefited the company.
Trump’s spokesman batted down the allegations: “This is a stock trade worth $300.
You couldn’t get into a @SenSchumer fundraiser for that amount,” Sean Spicer tweeted.
Republicans at the hearing came to Price’s defense. Sen. Johnny Isakson (R-Ga.), who introduced Price, vouched for his character.
“Nothing wrong was done at all,” he said.
Price, a medical doctor and leader in the House on Obamacare repeal plans, was praised by Republicans for his expertise on the complicated healthcare system.
Sen. Orrin Hatch (R-Utah) said Price was a “premier” choice for the job and called the attacks on his stock trading “hypocritical.”
“Not only do House rules not prohibit members from trading stocks, but it is also not an uncommon practice for members of Congress. In fact, there are members on this committee, who have traded individual health stocks, while serving on this committee,” Hatch said.
If confirmed, Price will be responsible for working with Congressional leadership and President-elect Trump on replacing Obamacare. He didn’t lay out specifics, but said the goal will to make sure every American has access to health insurance.
“Nobody is interested in pulling the rug out from under anybody,” Price said. “We believe that it is absolutely imperative that individuals who have health coverage be able to keep health coverage and move hopefully to greater choices and opportunities.”
Asked specifically by Sen. Elizabeth Warren whether he will commit to cutting one dollar from Medicare and Medicare, Price refused, saying “it’s the wrong metric.”
The mild-mannered Price largely kept his cool throughout some testy questions from Democrats, aside from admonishing Warren for implying he took actions to boost this stock portfolio.
“I’m offended by the insinuation, Senator,” Price said.