Rep. Jeb Bradley disputes column linking his investments, votes

CONCORD, N.H. --U.S. Rep. Jeb Bradley is disputing a column in the online version of Harper's Magazine that says he personally profits from votes in Congress affecting energy and pharmaceutical companies.

Author Ken Silverstein said he doubts Bradley checks his investments before casting votes, but said the New Hampshire Republican nonetheless is a "textbook case" for requiring wealthy members of Congress to put their assets in blind trusts. Such trusts are managed with little knowledge by their owners to avoid conflicts of interest.

Bradley, a Republican running for re-election in the 1st District, defended his voting record. In response to votes that Silverstein said helped Bradley financially, Bradley cited ones that were against his self-interest.

Based on Bradley's required financial disclosure statement, Silverstein said he made about $43,000 in profits on drug company stocks in 2003, when he supported the Medicare prescription drug plan. Bradley's energy stocks gained about $100,000 in value in 2005, a year when he cast at least nine votes benefiting the industry, by Silverstein's count.

"Bradley has voted in a way that makes him look more like a stockholder than an elected representative," Silverstein wrote in a column posted on Harper's' Web site Monday.

"I have never read such an inflammatory piece in all my life," Bradley responded in a statement.

Silverstein told the Concord Monitor he looked into Bradley's record based on a tip. In an e-mail, he said he has written stories on the finances of other congressmen, citing a Democrat and a Republican.

Members of Congress disclose their assets and income each year in ranges. Last year, Bradley reported assets worth $1.7 million to $6.4 million.

On energy bills last year, Bradley voted to allow oil and gas drilling in the Great Lakes, voted against requiring electric utilities to use more renewable energy, and voted against $15.5 million for energy efficiency and conservation, Silverstein reported. He also opposed a bill that would have increased fines for price gouging to triple a company's profits.

Bradley responded that he has voted against government subsidies for oil and ethanol producers and voted in favor of two other measures to rein in price gouging by oil companies.

Noting Bradley's drug company investments, Silverstein said he voted in 2003 against a bill that would have allowed the reimportation of drugs from other countries at lower prices and against letting the government directly negotiate with drug companies for lower prices for Medicare.

Bradley responded that the new Medicare drug benefit has saved the elderly an average of $1,100 on prescriptions. He said he also authored a bill allowing the importation of foreign drugs if they pass safety standards.

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On the Net:

Article: http://www.harpers.org/sb-jeb-bradley-invested-1156785610.html

Bradley's financial statement: http://www.crp.org/pfds/candlook.asp?cidN00025059