Democrats on Capitol Hill criticized President Donald Trump's pick to lead the Department of Health and Human Services Tuesday. They said Rep. Tom Price, R-Ga., invested in stock that might benefit from legislation.
Price bought about 400,000 shares of an Australian drug company last year.
The Finance Committee's top Democrat, Ron Wyden of Oregon, said that was a conflict of interest. He said Price bought the shares at a cost only available to insider investors, and that he’d understated their value to the Finance Committee.
Price was asked whether it’s appropriate for a member of Congress to invest in a company that could benefit from legislation.
“Well, that’s not what happened,” he said.
A bipartisan memo from finance committee staff said Price reported buying the shares for about $50,000. But they were worth up to $250,000 when he filed forms with the committee.
Price said he didn't realize the form asked for an updated value of the stock.
Finance Committee Chair Orrin Hatch accused Democrats of "specious and distorted attacks."
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