Democrats Introduce Bicameral Bill to Increase For-Profit Health Care Company Accountability

September 10, 2024 – Sen. Ed Markey (D-MA) and Rep. Pramila Jayapal (D-WA) have introduced a bicameral bill to require greater transparency for private equity firms and for-profit companies that own health care entities.

The Health Over Wealth Act (S.4804/H.R.9156) would require that private equity-owned health care facilities publicly report on their debt and executive pay, lobbying and political spending, health care costs for patients and insurance plans, and any reductions in services, wages, or benefits. It would also prohibit private equity firms from stripping assets from health care entities or undermining the quality, safety, or access to health care.

The legislation is cosponsored by Sens. Tammy Baldwin (D-WI), Peter Welch (D-VT), Jeff Merkley (D-OR), Elizabeth Warren (D-MA), Bernie Sanders (I-VT), Cory Booker (D-NJ), Tina Smith (D-MN), and Richard Blumenthal (D-CT) and Reps. Becca Balint (D-VT), Val Hoyle (D-OR), Eleanor Holmes Norton (D-DC), Mark Pocan (D-WI).

Available Resources

• S.4804 – Health Over Wealth Act
• H.R.9156 – Health Over Wealth Act