REP. NANCY JOHNSON (R-CT)
On November 15, 1991, Rep. Johnson purchased between 1,000 and 15,000 dollars worth of stock in Glaxo (a huge British-owned pharmaceutical manufacturer--3rd largest in the world).
Rep. Johnson's stock purchase correlates with two pieces of legislation that would affect Glaxo.
Four days after her purchase (on November 19, 1991), a bill was introduced in the House that would cause Glaxo great concern. The bill was H.R. 3823:...To amend the Internal Revenue Code of 1986 to disallow the research credit for duplicative medications and excessively priced new therapeutic medications (Referred to Rep. Johnson's House Ways and Means Committee).
Ten days after her purchase (on November 25, 1991), Rep. Rostenkowski introduced a bill that would please Glaxo and other pharmaceutical manufacturers. The bill was H.R. 3909: To amend the Internal Revenue Code of 1986 to extend certain expiring provisions, including...the rules on allocating research and experimental expenditures in determining income from sources within or without the United States, the credit for increasing research activities, and the credit for clinical testing expenses for certain drugs for rare diseases or conditions (Referred to Sen. Johnson's House Ways and Means, became P.L. 102-227 on December 11, 1991).
The clinical testing provision in H.R. 3909 would be particularly important to Glaxo since they had just formed a strategic alliance with Amylin (based in San Diego) to create new drugs for the treatment of diabetes.
POLITICAL MONEY NOTES: Rep. Johnson has accepted $2,000 in PAC contributions from Glaxo since 1989.
INTERESTING NOTES: Glaxo is based in London, England. According to her bio-sheet, Rep. Johnson attended the University of London in 1958. I wonder if she made any permanent friends with direct ties to Glaxo? In addition, Rep. Johnson's husband is a physician with the Grove Hill Medical Center in Connecticut.
NOTES: Rep. Johnson is # 2 on the House Ethics Committee; she is # 6 on the House Ways and Means Committee; she is # 2 on the House Ways and Means Subcommittee on Health.