Rep. Jayapal Introduces Health Over Wealth Act
India-West Staff Reporter
WASHINGTON, DC – Congresswoman Pramila Jayapal (D-WA), member of the House Judiciary Subcommittee on Health, Employment, Labor, and Pensions, and Senator Edward J. Markey (D-MA), Chair of the Health, Education, Labor, and Pensions Subcommittee on Primary Health and Retirement Security, have introduced the Health Over Wealth Act.
The legislation would require greater transparency for private equity firms and for-profit companies that own healthcare entities, including hospitals, nursing homes, and mental or behavioral health facilities.
The legislation aims to put safeguards in place to protect workers, patients, and health care quality, access, and safety; create stronger accountability measures for corporate greed; and close tax loopholes that benefit real estate investment trusts making money off of health care property.
The bill includes stronger accountability measures to combat corporate greed and seeks to close tax loopholes that benefit real estate investment trusts profiting from healthcare properties.
“Private equity firms buying up health care systems are simply bad news for patients, leading to worse health outcomes and higher bills. We have a duty to protect patients from greedy corporations that are prioritizing their bottom line over patient care,” Jayapal said.
“I’m proud to be leading the Health Over Wealth Act, legislation that builds on my Healthcare Ownership Transparency Act, with Senator Markey to crackdown on private equity ownership in health care, increase transparency, close loopholes, and ensure that we are always putting patients over profits,” she added.
The Health Over Wealth Act mandates that private equity-owned healthcare facilities disclose their debt and executive pay, lobbying and political spending, healthcare costs for patients and insurance plans, and any reductions in services, wages, or benefits. It also requires these firms to set up escrow accounts to cover five years of expenses to ensure the continuation of care in case of hospital closure or service reduction.
