Congressman Rob Bresnahan, a Republican who campaigned on banning stock trading by lawmakers only to make at least 626 stock trades since taking office in January, was under scrutiny Monday for a particular sale he made just before he voted for the largest Medicaid cut in US history.
Soon after a report showed that 10 rural hospitals in Bresnahan’s state of Pennsylvania were at risk of being shut down, the congressman sold between $100,001 and $250,000 in bonds issued by the Allegheny County Hospital Development Authority for the University of Pittsburgh Medical Center.
The New York Times reported on the sale a month after it was revealed that Bresnahan sold up to $15,000 of stock he held in Centene Corporation, the largest Medicaid provider in the country. When President Donald Trump signed the so-called One Big Beautiful Bill Act into law last month, Centene’s stock plummeted by 40%.
Bresnahan repeatedly said he would not vote to cut the safety net before he voted in favor of the bill.
The law is expected to cut $1 trillion from Medicaid over the next decade, with 10-15 million people projected to lose health coverage through the safety net program, according to one recent analysis. More than 700 hospitals, particularly those in rural areas, are likely to close due to a loss of Medicaid funding.
“His prolific stock trading is more than just a broken promise,” said Cousin. “It’s political malpractice and a scandal of his own making.”
The economic justice group Unrig the Economy said that despite Bresnahan’s introduction of a bill in May to bar members of Congress from buying and selling stocks—with the caveat that they could keep stocks they held before starting their terms in a blind trust—the congressman is “the one doing the selling… out of Pennsylvania hospitals.”
“Congressman Bresnahan didn’t just vote to gut Pennsylvania hospitals. He looked out for his own bottom line before doing it,” said Unrig Our Economy campaign director Leor Tal. “Hospitals across Pennsylvania could close thanks to his vote, forcing families to drive long distances and experience longer wait times for critical care.”
“Not everyone has a secret helicopter they can use whenever they want,” added Tal, referring to recent reports that the multi-millionaire congressman owns a helicopter worth as much as $1.5 million, which he purchased through a limited liability company he set up.
Eli Cousin, a spokesperson for the Democratic Congressional Campaign Committee, told the Times that Bresnahan’s stock trading “will define his time in Washington and be a major reason why he will lose his seat.”
“His prolific stock trading is more than just a broken promise,” said Cousin. “It’s political malpractice and a scandal of his own making.”
Republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).
