Senate

Schumer: Tom Price may have broken law with stock trade

by Jordain Carney - 01/17/17 12:03 PM ET

Sen. Charles Schumer (D-N.Y.) warned Tuesday that Rep. Tom Price (R-Ga.) may have broken the law when he introduced legislation benefiting a company he had invested in.

“That cries out for an investigation,” Schumer told CNN. “If he knew about it, it could very well be a violation of the law.”

CNN reported on Monday that Price, President-elect Trump’s pick to lead the Department of Health and Human Services, purchased stock in medical device company Zimmer Biomet, then introduced legislation to benefit Zimmer Biomet days later.

{mosads}Schumer, the Senate’s top Democrat, added on Tuesday that the allegations are “very troubling.”

“This is not some broad legislation. … This is a very narrow, specific company that dealt with implants,” he said. “And the legislation specifically affects implants. He puts it in a week after he buys the stock?”

Schumer said on Monday that the Office of Congressional Ethics “needs to conduct an immediate and thorough investigation” of any potential violation by Price before his nomination is allowed to move forward.

A spokesman for the Trump team dismissed the CNN report on Tuesday as “junk reporting.”

Phil Blando, a transition spokesman, said the stock was purchased by a broker, and that Price became aware of the move after he had introduced his legislation.

Price is expected to appear before the Health, Education, Labor and Pensions Committee on Wednesday, where he’ll likely face a lengthy grilling as part of the confirmation process.

Tags Chuck Schumer