NY TIMES: Many in Congress Hold Stakes in Health Industry

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June 14, 2009
NY TIMES: Many in Congress Hold Stakes in Health Industry
By JACKIE CALMES

WASHINGTON — As President Obama and Congress intensify the push to overhaul health care in the coming week, the political and economic force of that industry is well represented in the financial holdings of many lawmakers and others with a say on the legislation, according to new disclosure forms.

The personal financial reports, due late last week from members of Congress, show that many lawmakers hold investments in insurance, pharmaceutical and prescription-benefit companies and in hospital interests, all of which would be affected by the administration’s overhaul of health care.

The lawmakers’ stakes are impossible to quantify because the reports ask for ranges of value for each asset, and because many officials’ holdings are in stock index and mutual funds. The Senate majority leader, Harry Reid of Nevada, for example, has interests in a stock index fund for the health care sector of more than $50,000 and up to $100,000.

Representative Dave Camp of Michigan, the senior Republican on the Ways and Means Committee, one of three panels in the House with jurisdiction over health care, reported at least tens of thousands of dollars in health-related interests, including the medical technology giant Medtronic, the drug maker Wyeth and the insurance company Aetna.

In Congress, as members and aides of the three House committees continue to meet privately, the Senate health committee will begin publicly drafting and voting on its bill as soon as Tuesday. Later in the week, the Democratic chairman and senior Republican of the Senate Finance Committee, Max Baucus of Montana and Charles E. Grassley of Iowa, are expected to unveil a bipartisan plan.

Neither Mr. Baucus, from a ranching family, nor Mr. Grassley, a farmer, have major health-related holdings, their reports show.

Senator Edward M. Kennedy of Massachusetts, chairman of the health committee, has much of his wealth in blind trusts.

Senator Christopher J. Dodd, Democrat of Connecticut, leads the health committee in consultation with Mr. Kennedy. Mr. Dodd’s wife, Jackie Clegg Dodd, is a member of the board and a shareholder in several health-related companies, including Cardiome Pharma, Javelin Pharmaceuticals and Brookdale Senior Living.

Senator Tom Coburn of Oklahoma, a Republican on the health committee, is an obstetrician with income from his clinic in Muskogee. The wife of Representative Wally Herger of California, the senior Republican on the health subcommittee of the Ways and Means panel, works for Catholic Healthcare West, while the wife of Representative Joe L. Barton of Texas, the top Republican on the House Energy and Commerce Committee, works for JPS Health Network.

Mr. Obama’s chief adviser on health care, Nancy-Ann DeParle, also filed disclosure forms with the White House. Ms. DeParle, who served in the Clinton administration, went on to lucrative positions on the boards of health companies and as director of a private-equity firm with health investments, earning more than $2 million from 2008 to this year, according to forms signed on May 13.

The companies included Medco Health Solutions, a pharmacy benefits manager; Boston Scientific, a device maker; Cerner, a provider of medical information technology; and DaVita, an operator of dialysis services.

A handwritten note on the forms, dated June 4, says that “all conflicting assets have been divested.” Ms. DeParle is the wife of a reporter for The New York Times, Jason DeParle.

Janie Lorber, Ashley Southall and Jack Styczynski contributed reporting.

http://www.nytimes.com/2009/06/14/us/politics/14cong.html?em