Markey, Jayapal Introduce Updated Legislation to Set Strong Guardrails for Private Equity in Healthcare

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Washington (July 23, 2026) - Senator Edward J. Markey (D-Mass.), Ranking Member of the Health, Education, Labor, and Pensions (HELP) Subcommittee on Primary Health and Retirement Security, and Congresswoman Pramila Jayapal (WA-07) 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.

"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."

"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.

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).

Senator Markey has advocated for transparency and accountability for private equity in healthcare in the wake of the Steward hospital crisis, when unconstrained corporate greed led to the collapse of the healthcare system.

• In June, Senator Markey wrote to Keith Sonderling, Acting Secretary of the Department of Labor, raising the alarm for a proposed rule that would expose Americans' retirement savings to greater risk by opening the door to expanded private equity investments in 401(k)s and other retirement plans. This extractive private equity model has led to the collapse of Steward Health Care, hospital closures, and mismanaged nursing homes.
• In October 2025, Senator Markey introduced the Stop Medical Profiteering and Theft (MPT) Act, legislation that would put regulatory guardrails in place to protect health systems from predatory leaseback deals with real estate investment trusts (REITs). Steward Health Care declared bankruptcy after being tied to unsustainable rents charged by a REIT, Medical Properties Trust. Many REIT leases include automatic, expensive rent increases that can lead to health systems diverting resources away from patient care to rent payments or, in some cases, bankruptcy.
• In September 2024, Senator Markey released his report, "The Steward Health Care Report: How Corporate Greed Hurt Patients, Health Workers, and Communities," which spotlighted patient and worker experiences, hospital quality data, and information on hospital closures in Massachusetts and around the country due to Steward's mismanagement. That same month, Senator Markey fought to have the Senate vote to refer Steward Health CEO Ralph de la Torre for criminal contempt, which it did unanimously, for failing to respond to a subpoena issued by the Senate HELP Committee. In September 2025, Senator Markey wrote a letter to U.S. Attorney General Pam Bondi urging enforcement of the Senate's criminal contempt referral of Dr. de la Torre.

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