Senate Finance panel to hold Price hearing next week

The Senate Finance Committee will hold a confirmation hearing next week for Rep. Tom Price (R-Ga.), President-elect Donald Trump’s pick for Health and Human Services (HHS) secretary.

Committee Chairman Orrin Hatch (R-Utah) announced the Jan. 24 hearing on Tuesday, calling Price “immensely qualified” to lead HHS.

“As a doctor, he has a firsthand understanding of the healthcare system on the ground and how policies from Washington affect the patient-doctor relationship,” Hatch said in a statement.

“And as a legislator, he has set impressive markers on how to reform the healthcare system so patients – not Washington – are empowered to make healthcare decisions for themselves,” he continued.

“Installing Dr. Price to lead HHS is a paramount step in repealing and replacing Obamacare with patient-centered reforms that address costs and increase choice. I look forward to having Rep. Price before the Committee to further examine his numerous qualifications to lead the Department.”

Sen. Ron Wyden (Ore.), the ranking Democrat on the Senate Finance Committee, blasted the decision to schedule a hearing for Price, who would be at the center of GOP efforts to repeal and replace ObamaCare during the Trump administration. Wyden accused Republicans of rushing the process.

“Instead of confronting the serious issues raised about Congressman Price, Republicans are rushing to sneak his nomination through before all outstanding questions have been answered,” Wyden said.

“The Finance Committee has a long, bipartisan tradition of thoroughly reviewing every nominee that comes before the committee, and I’m disappointed that my colleagues have chosen to cut corners and rush this process due to political pressure,” he added.

“This job is a grave responsibility, and I’ll be holding Congressman Price accountable for the secret or nonexistent Republican plan for the Affordable Care Act, his efforts to privatize Medicare and end the promise of guaranteed health benefits for seniors and individuals with disabilities, as well as a host of other concerns that Americans deserve to hear clear answers on.”

Senate Democrats had also pushed for a delay for Price’s Wednesday hearing before the Health, Education, Labor and Pensions Committee (HELP) amid renewed ethics concerns.

Only the Finance committee will vote on his nomination.

CNN reported Monday that Price invested in a medical device company before introducing legislation to benefit the company.

Price reportedly bought between $1,001 and $15,000 worth of shares in Zimmer Biomet last March. He then introduced the HIP ACT days later to delay a related Centers for Medicare and Medicaid Services regulation.

Industry analysts say the CMS regulation would have hurt Zimmer Biomet financially by directly affecting hip and knee replacements, which are the company’s forte.

Trump’s transition team has dismissed the CNN report and pointed out that a broker made the investment and the Georgia lawmaker wasn’t aware of it until after the legislation was introduced. 

Senate Minority Leader Charles Schumer (D-N.Y.) said Price may have broken the law if he knew about the investment, saying the situation “cries out for an investigation.”

He also predicted Tuesday that backlash to reports about Price would sabotage his confirmation.

The Stop Trading on Congressional Knowledge (STOCK) Act was one of the few bipartisan achievements during President Obama’s tenure.

Price was among 417 House lawmakers who voted to pass it out of 435 members overall.

No lawmaker has faced insider trading charges since the law’s passage, but it has given ammo to Democrats eager to scrutinize Price’s trading activity.

Updated: 9:02 p.m.