He just can’t seem to stop.
Representative Rob Bresnahan (R-08) is apparently at it again, having made several stock trades while serving in the U.S. House of Representatives.
But this time a report from NBC News claims a NEPA representative sold $130,000 worth of stock in four companies that oversee about 50 percent of all Medicaid managed care organizations just a week before he voted to cut Medicaid funding.
The 35-year-old first-timer released the company’s shares Hundreds, Facade Health, UnitedHealth AND CVS Health on May 14-15. According to the data, Bresnahan has completed a total of 636 transactions since the beginning of the calendar year Capitol Tradealmost one-sixth of which were sales of health care stocks.
Just a week later President Donald Trump The final vote was on the One Big Beautiful Bill, which cut Medicaid funding by nearly $1 trillion to facilitate pay for the tax cuts. Bresnahan sided with eight other Pennsylvania Republicans for the draft bill, which became law in summer. Just Representative Brian Fitzpatrick (R-01) voted against the bill among Pennsylvania’s GOP delegation.
Bresnahan continues to take the position that he does not instruct his financial advisor to buy, sell or hold securities in his advisory or managed account. Advisory or managed accounts are typically used by clients who pay an ongoing vigorous management fee instead of a commission on each trade. The advisor or his team has the freedom to trade securities/mutual funds without having to ask in advance.
Before selling shares of the four companies, Bresnahan introduced legislation prohibiting trading in congressional stock (H.R. 3182) and announced that he was transferring his shares to a blind trust.
In a statement to NBC News, Bresnahan said that overall, the blind trust process is “not fit for today’s realities” and called for allowing members with plain individual 401(k)-style investments to convert those assets into exchange-traded funds or mutual funds.
“My goal is simple: real transparency, real accountability and rules that actually make sense.”
So far his bill had no co-sponsors.
And, noticeably, he has not yet signed on as a co-sponsor.Transparent representation upholding the Services and Confidence in Congress Act”, which would require the member of Congress, as well as each member’s spouse or dependent child, to place certain investments in a qualified blind trust (i.e., an arrangement in which certain financial interests are placed under the control of another person to avoid possible conflicts of interest) by 180 days after the end of the member of Congress’ term.
Mayor of Scranton Paige Cognetticandidate for the Democratic nomination, who was expected to challenge Bresnahan for the 8th Congressional District seat, called the congressman “corrupt” and said he was “cashing in” on the suffering of northeastern Pennsylvanians.
“The people of Northeast Pennsylvania work hard and are tired of corrupt politicians who game the system and let us down,” Cognetti said in a statement. “Congressman Bresnahan promised to ban stock trading in Congress and swore to protect our health care. He broke both of those promises by trading up to $130,000 worth of stock in Medicaid providers just before voting for the largest Medicaid cuts in history, a vote that harmed so many families in our community. This is the type of corruption I committed to when I first ran for mayor as an independent, and it is the type of corruption I will stand with he fought to root out when he got to Congress. We deserve better.
Minority Leader of the House of Representatives Hakeem Jeffries (DN.Y.) didn’t mince his words either.
“MAGA extremists like Rob Bresnahan cashed in on voting for the largest Medicaid cut in American history.” – he said in a social media post. “We must ban congressional stock trading and remove this corrupt hypocrite from office!”
Fitzpatrick said Wednesday he would put pressure on the House of Representatives announcer Mike Johnson (R-La.) and GOP leaders to introduce a bill to ban stock trading in Congress in the coming weeks, not content with just hearing on the matter.
“The bill will be put to a vote,” he said at a news conference outside the hearing room of the House Administration Committee.
Fitzpatrick also warned that members’ individual performance would be discussed in hearings on any stock trading legislation.
“Part of fact-finding is what members have done in terms of trading, sometimes on a daily basis.”
The Democratic Congressional Campaign Committee, which had already selected the PA-08 as a potential interception vehicle, was quick to share its thoughts.
“Rob Bresnahan dumped six-figure shares of stock in companies that oversee roughly half of all Medicaid enrollees nationwide,” a spokesman said I mean, cousin. “Then he turned around and voted for the largest Medicaid cuts in history. It’s cruel, morally bankrupt and just plain wrong. Each new revelation further cements Bresnahan’s image as the poster child for corruption in Washington.”
