Michigan congresswoman with health and tech oversight bought stock in medical device giant

A Michigan congresswoman has purchased stock in a medical devices technology company while serving on House subcommittees with oversight on health and technology, according to a Raw Story analysis of federal financial records.

Rep. Debbie Dingell (D-MI) purchased on Dec. 5 between $15,001 and $50,000 worth of stock in Medtronic, one of the largest medical device companies with products used for a range of procedures and treatments from general surgery to cardiovascular to diabetes. Her 2022 annual report filed May 15 also noted $1,001 to $15,000 worth of Medtronic stock in a retirement account.

Dingell serves on the House Committee on Energy and Commerce and its subcommittees on communications and technology; health; and innovation, data and commerce. She is the third ranking member of the innovation, data and commerce subcommittee and fifth ranking member of the health subcommittee, according to legislation tracker BillTrack50.

ALSO READ: A neuroscientist’s guide to surviving Christmas with Trump-loving relatives

Dingell’s most recent stock transaction was part of a retirement account holding, according to a report filed Dec. 14. Finbold first reported the trade on Saturday.

“Congresswoman Dingell has a long, proven record of fighting for her constituents and holding corporations accountable, and she always will put her constituents first,” said Michaela Johnson, a spokesperson for Dingell, in a statement emailed to Raw Story. “Congresswoman Dingell defers investment decisions to a financial advisor, and supports efforts to increase transparency and accountability in Congress, especially when it comes to trading stocks and financial portfolios.”

Medtronic reported revenue of about $8 billion in the second quarter of its 2024 fiscal year, which ended on Oct. 27, according to a company press release. Those earnings reflected a 5.3 percent increase, the report said.

The Energy and Commerce subcommittee on health oversees a variety of components of the health sector including “biomedical research and development” and “health information technology, privacy and cybersecurity,” according to the committee website.

Dingell also serves on the Select Subcommittee on the Coronavirus Pandemic and the House Committee on Natural Resources, along with its Subcommittee on Energy and Mineral Resources and Subcommittee on Water, Wildlife and Fisheries.

Dingell is a co-sponsor of the Expanding Care in the Home Act, introduced in April, that would expand access to in-home care for Medicare patients. Medtronic is not involved in the legislation.

Financial disclosure law compliance

Key government officials, including members of Congress, are required to disclose within 45 days most purchases, sales and exchanges of stocks, bonds, commodity futures, securities and cryptocurrencies for themselves, their spouses and dependent children as a part of the federal law, the Stop Trading on Congressional Knowledge Act (STOCK) Act.

The Obama-era law aims to stop insider trading, curb conflicts-of-interest and enhance transparency.

In May, Raw Story reported that Dingell was four months late in disclosing the purchase of $1,001 to $15,000 in Disney stock on Nov. 29, 2022.

ALSO READ: You blew it in New Hampshire, Joe Biden. Pray it doesn’t hurt you — and then some.

“Congresswoman Dingell discovered the omission while filing her annual financial disclosure and acted immediately to rectify the issue by promptly filing a periodic transaction report,” Johnson said in May.

This year, Raw Story has identified at least 37 members of Congress who have violated the STOCK Act. Raw Story has found others, including Sen. Tommy Tuberville (R-AL), Sen. Markwayne Mullin (R-OK) and Rep. Bill Keating (D-MA) whose stock trades appear to conflict in some fashion with their official work as a lawmaker.

This comes at a time when legislators have introduced numerous bills that would ban members of Congress from trading stocks, including the Bipartisan Restoring Faith in Government Act, the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act and the TRUST in Congress Act.