HHS Pick Tom Price Denies Wrongdoing Over Stock Transaction

HHS Pick Tom Price Denies Wrongdoing Over Stock Transaction Rep. Tom Price faced questions from Sen. Patty Murray at a Senate confirmation hearing.
3:23 | 01/18/17

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Transcript for HHS Pick Tom Price Denies Wrongdoing Over Stock Transaction
You purchase stark in innate immune at therapeutic cute it's a company working to develop new drugs. On four separate occasions between January 2015 in August when he sixteen. You made the decision to purchase that star that a broker yes or now. That that was a decision that I made yes. You're are offered an opportunity to purchase stock at a lower price than was available to the general public yes for now. The initial purchase in January 2015 was at the a market. Price the secondary purchase and in June through August September of twice sixteen. I was at a price that was available to individuals who are participating in a private placement offering. There was Lauren and was available to the general public cracked. I don't know that it was it was a it was the same price that we that everybody pay for the private placement offering. But congressman Chris Collins who sits on president elect traps transition team is both an investor and a board member of the company. He was repeated air reportedly overheard just last week passed the house floor breaking about how he had made people millionaires from a star tip. Congressman price in our meeting. You inform me that you made these purchases based on conversations with representative cons is fact cracked. Know what what that is what you sent me in my office but. Life believe I said Tia was that I learned of the company from congressman Collins. What I recall our conversation wise that you had a conversation with cons and then decided to purchase the star no that's not correct but that is what I remember you carrying the same in my office. In that conversation did represented Collins tell you anything that be could be considered quote a stark tip yes you know I don't believe so now. Well if if you're telling me he gave you an information about a company. You were offered shares in the company at crisis not available to the public. He bought those shares is that not a stock tip that's not what happened what happened was that he mentioned he talked about the company and the work that they were doing in trying to solve the challenge of progressive secondary multiple sclerosis. Which is a very debilitating disease and 1 that I am well aware it had the opportunity to treat patients when I was in practice and I'm aware that he the company for a period of time and and felt that it had some significant merit and promise. And purchase the the initial shares on the stock exchange congressman price are very limited time economy go on your purchases occurred while the train for century cures act. Which had several provisions created that could trip impact Jarrett developers like innate immune affair kings cute X was being negotiated. And again just days before you were notified to prepare for a final vote on the bill. Congressman do you believe it is appropriate for a senior member of congress actively involved in policy making. In the health sector to repeatedly. Personally invest in a drug company that could benefit from those actions yes or now lets out happen. Well. Let me just say that I believe it's inappropriate and we need answers to this. Regarding whether young congressman Collins Collins used your access to nonpublic information. When you brought prices. Died at prices that were unavailable to the public and I had no access to nonpublic information. We leave upon.

This transcript has been automatically generated and may not be 100% accurate.

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