GOP Lawmaker Caught 'Selling' Stock in Healthcare Group That Accepts Medicaid as 'Big, Beautiful Bill' Passes House, Trade Insider Says

Rep. Robert Bresnahan (R-PA) reportedly dumped stock shares in a major healthcare provider for Medicaid recipients — stock that has now dropped nearly 44% as cuts to Medicaid in Republican's "Big, Beautiful Bill" are finalized by Congress.

According to Quiver Quantitative, which tracks stock trading among insiders, including Congress, Bresnahan sold his shares in Centene Corporation on May 15, days before the House initially advanced President Donald Trump's so-called "Big, Beautiful Bill," which includes sweeping tax cuts and spending increases. Critics warn the legislation could strain Medicaid funding and other social safety net programs.

Centene ($CNC) stock has since cratered, falling over 43% since Bresnahan's trade, while the broader S&P 500 (SPY) rose about 5% in the same period.

The "Big, Beautiful Bill" passed the Senate last week and returned to the House after amendments were made. The massive tax and spending bill passed the House once again Thursday and now heads to Trump's desk.

Bresnahan insists he does not personally manage his investments and says his financial advisor made the trade. He has pledged to place his assets into a blind trust but, according to Quiver Quantitative, has yet to do so.

In early May, Bresnahan introduced a bill to ban congressional stock trading. He campaigned on restoring trust in government, but has come under scrutiny after disclosures revealed he reportedly made over $4 million in trades during his first months in office.