Washington (July 23, 2026) – Congresswoman Pramila Jayapal (WA-07) and Senator Edward J. Markey (D-Mass.) today reintroduced the Health Over Wealth Act, legislation that would require greater transparency into private equity firms and for-profit companies that own healthcare entities, including hospitals, nursing homes, and mental or behavioral health facilities. The legislation would put safeguards in place to protect workers, patients, and healthcare 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 healthcare property.
The bill includes a new provision subjecting private equity companies that own suppliers of medical equipment, such as wheelchairs and hospital beds, to transparency requirements. Private equity-owned wheelchair companies are causing dangerously long waits for wheelchair repairs for Massachusetts residents.
“For decades, private equity firms have been aggressively acquiring health care entities. That’s all-around bad news for patients as consolidation in the healthcare industry leads to worse health outcomes, less transparency, and sky-high bills. We have a responsibility to protect patients from greedy corporations that are prioritizing their bottom line over patient care. I’m proud to be leading the Health Over Wealth Act with Senator Markey to crack down on private equity ownership in healthcare, increase transparency, close loopholes, and ensure that we are putting patients over corporate profits,” said Congresswoman Jayapal.
“Corporate greed is running rampant in every industry, but it is especially dangerous in healthcare,” said Senator Markey. “When private equity firms put profit over patients, our loved ones are harmed, health workers suffer, and communities are left to clean up the mess. The Steward Health Care crisis in Massachusetts was just one symptom of a larger infection in our healthcare system that allows corporate wealth to come before the public’s health. We need guardrails against reckless corporate greed—and that is exactly what the Health Over Wealth Act provides. I am thankful to my partners, including Congresswoman Jayapal and my Senate colleagues, for their leadership in putting people before profit.”
The Health Over Wealth Act is cosponsored by Senators Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), Jeff Merkley (D-Ore.), Tammy Baldwin (D-Wisc.), Cory Booker (D-N.J.), and Tina Smith (D-Minn.), and Representatives Chris Deluzio (PA-17), and Yvette Clarke (NY-09).
Specifically, the Health Over Wealth Act would:
- Require that private equity-owned healthcare entities—including suppliers of durable medical equipment—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
- Require that private equity-owned firms set up escrow accounts to cover five years of expenses to ensure continuation of care in the event of a hospital closure or service reduction
- Authorize the Department of Health and Human Services to revoke investment licenses from private equity firms that price gouge, understaff, or create barriers to care
- Establish a task force to review the role of private equity and consolidation in healthcare, including how market trends create or exacerbate healthcare disparities
- Prohibit private equity firms from stripping assets from healthcare entities or undermining quality, safety, or access to healthcare
- Close tax loopholes for real estate investors to disincentivize healthcare entities from selling their property and then paying exorbitant rents to these investors
The legislation is endorsed by American Federation of State, County and Municipal Employees (AFSCME), AFT: Education, Healthcare, Public Services, Americans for Financial Reform, National Nurses United (NNU), Moral Injury of Healthcare, Private Equity Stakeholder Project, Public Citizen, and United Steelworkers (USW).
Issues: Health Care