Who knew kicking 22 million people out of their health insurance could be so lucrative?
Just as the Republican bill to slash much of the Affordable Care Act moved forward, Rep. Mike Conaway, a Texas Republican and member of Speaker Paul Ryan’s leadership team, added a health insurance company to his portfolio.
An account owned by Conaway’s wife made two purchases of UnitedHealth stock, worth as much as $30,000, on March 24th, the day the legislation advanced in the House Rules Committee, according to disclosures.
Health care stocks have soared in recent weeks as insurance companies salivate over the prospect of gouging more Americans with inflated premiums and cuts in benefits. The Republicans have also promised to loosen the regulations that prohibit these same companies from denying coverage to whomever they choose, which promises to bump up the share price of conglomerates like United Health.
Conaway was not the only Republican cashing in on his plans for other people’s sickness and death:
As the health care system overhaul advanced last month on the other side of Capitol Hill, Republican Sen. James Inhofe of Oklahoma purchased between $50,000 to $100,000 in UnitedHealth stock.
With the United States under Trump devolving into a Putin-esque kleptocracy, the stink of corruption has apparently become so normalized in Republican ranks that they’ve become completely desensitized to it. In Conaway’s case, however, enriching himself with insider information had already passed his personal smell test:
Conaway, who serves as a GOP deputy whip in the House, has a long record of investing in firms that coincide with his official duties. Politico reported that Conaway’s wife purchased stock in a nuclear firm just after Conaway sponsored a bill to deal with nuclear waste storage in his district. The firm stood to directly benefit from the legislation.