Ethics Committee Questions Energy & Commerce Chairman Upton

The chairman of the House Energy and Commerce Committee has answered questions from the House Ethics Committee and amended his personal financial report to add $100,001 to $250,000 in stock of a medical technology company.

Rep. Fred Upton, R-Mich., amended his personal financial disclosure report to include a joint asset of Stryker Corporation (NYSE: SYK) stock, a medical technology company headquartered in Michigan. The stock is valued at $100,001 to $250,000. Upton's letter to the House Ethics Committee stated, "I neglected to list a joint asset."  It is not clear if the Ethics Committee made a specific inquiry about the Stryker stock, or if Upton volunteered it. The letter also made several other additions of financial information.

7/19 update: Upton was the original sponsor of the Protect Medical Innovation Act (H.R.523) to repeal the medical device excise tax on all U.S. sales of medical devices, which he reintroduced on 2/6/13. The Stryker Corporation estimated in 2011 that the tax would cost the company about $150 million.