Price’s nomination to be secretary of Health and Human Services hit a couple of big snags over the past week. The Wall Street Journal reported that Price and fellow Congressman Chris Collins (coincidentally the first House Republican to endorse Donald Trump) received sweetheart deals from a small Australian biotech firm looking to introduce multiple sclerosis drugs to the U.S. market. The stock, which Price and Collins purchased for a measly 18 cents a share, has since gone up more than 400 percent, though Price has pledged to divest if confirmed. And on Monday, CNN reported that Price had introduced legislation benefiting a company he had recently purchased stock in—and that the company, Zimmer Biomet, then gave Price campaign contributions. The Journal also reported that Price had traded $300,000 in health care stocks while working on health care legislation.
The Trump campaign has demanded that CNN retract its story. Price, too, defended himself against the accusations at his hearing on Wednesday, saying, “Everything that we have done has been above-board, transparent, ethical, and legal.” But Price also contradicted his own defense of his actions. After the reports alleging potential insider trading circulated, Price defended himself by saying that his trades were made by a financial adviser from a broker-directed fund operated by Morgan Stanley. But when questioned, Price said that Collins informed him about stock in the Australian company.
Price just admitted that he received info from Rep. Collins and personally chose to purchase Innate Immuno stock. Transition said otherwise.
— Paul Blumenthal (@PaulBlu) January 18, 2017
His testimony indicated that all of his trades were not, in fact, made by a financial adviser from a broker-directed fund and that he did play a role in what stocks were and were not purchased or sold.