According to Buzzfeed, House Republicans are discouraging drug companies from complying with an investigation into drug prices that is being carried out by the House.
Dozens of drug company CEOs received letters from House Oversight Committee Republicans, saying that the information they provide in the investigation would be leaked by Elijah Cummings, the Democratic chair, in order to bring down their stock prices.
Cummings is asking for information from 12 major drug companies in order to investigate how the industry sets the price of prescription drugs.
Representatives Jim Jordan and Mark Meadows, two leaders of the conservative House Freedom Caucus, wrote in their letters that Cummings would collect information to bring down stock prices of the drug industry.
In the letter they say that Cummings is attempting to uncover sensitive information “that would likely harm the competitiveness of your company if disclosed publicly.” they then say Cummings is “releasing cherry-picked excerpts from a highly sensitive closed-door interview” from an investigation into White House security clearances. “This is not the first time he has released sensitive information unilaterally,” the letter says.
Democrats were shocked, as it is completely unorthodox and unprecedented for politicians to warn companies not to comply with an investigation.
“Rep. Jordan is on the absolute wrong side here,” Cummings said in an statement. “He would rather protect drug company ‘stock prices’ than the interests of the American people.”
Jordan and Meadows write in their letter that “while we cannot speculate about Chairman Cummings’ motives,” the committee shouldn’t pursue the investigation, which they say will impact stock prices.
In the letter, Cummings is quoted saying: “If you follow the headlines, we have already seen the impact they have had… on stock prices with regard to drugs. I mean, it has been astronomical.” The letter cuts his quote in half. In reality, his sentence ended with “saving the taxpayers money.”
Jordan’s office repeated that he has many concerns about the investigation.
Read the full story here.