Senator Elizabeth Warren made waves on Thursday by demanding that a Joe Biden nominee withdraw his nomination to serve as a trustee on the Medicare, Medicaid, and Social Security boards.
Biden’s nominee, Demetrios Kouzoukas, serves on the board of Clover Health, which insures seniors as part of Medicare Advantage.
During a hearing before the Senate Finance Committee, Warren pressed Kouzoukas on if he will quit his for-profit position on the board, as it would be a blatant conflict.
The exchange began to get heated when Warren pressed Kouzoukas about his pay from Clover Health, which he was deeply reluctant to answer.
“Mr. Kouzoukas, you sit on the board of Clover Health, a for-profit insurance company that according to its most recent SEC filing, receives a ‘substantial portion’ of its total revenue from Medicare Advantage premiums. How much are you paid for your work at Clover?” Warren asked.
Kouzoukas began to explain his role before Warren jumped in, once again demanding to know what he is paid. A back and forth ensued, before he finally admitted that he is paid “in the category of $100,000.”
“Ok. So, you received $100,000 from Clover for your service. And if confirmed as a public trustee, do you plan to quit the Clover board?” Warren asked.
The nominee danced around the question, as Warren continued to grill him and demand an answer.
“I mean, really?! You know you’re gonna have to answer this question. Is it yes or is it no? Are you planning to resign the job that pays you $100,000 a year while you are a trustee for Medicare?” Warren asked again.
“Senator, the review of my current activities and my credentials and qualifications is one that all nominees undergo and that’s one that led to the president putting my nomination before this body. I’m grateful for that and if given the opportunity–” Kouzoukas replied.
“I’m not gonna get into why the president nominated you. What I wanna know is, are you gonna keep a job where you get paid by a for-profit outfit somewhere in the neighborhood of $100,000 a year while you keep your government trustee job? Can you answer that question?” Warren asked again.
Kouzoukas continued to try and dodge the question, as Warren grew increasingly irritated with his non-answers.
“Ok, I’m gonna take that as a ‘yes’ because I’m gonna assume that if you were gonna quit that job, you would be really happy to tell me that right now before we go into the question of what it means for you to keep this job,” Warren asserted. “Mr. Kouzoukas, as we both know, as a member of the board, corporate law requires you to help Clover to maximize its profits. So, for example, if you highlighted the amount of fraud that Medicare Advantage undergoes every year and how that fraud is undermining the solvency of Medicare, that could lead to policies that might limit the Medicare Advantage program. And if that happened, Mr. Kouzoukas, would limiting the Medicare Advantage program undercut the profitability of Clover, the company that bylaw, you are supposed to be watching out for?”
Kouzoukas sat silently after the question concluded.
“That was a question,” Warren stated.
The nominee still did not answer, no matter how hard Warren pressed.
Finally, the Democrat senator directly addressed the issue of corruption.
“Let’s be clear. If Mr. Kouzoukas ignores the fraud, he helps Clover,” Warren said. “If he focuses on the fraud, he hurts Clover. The conflict of interest here is so big and so pervasive that there is no action that Mr. Kouzoukas can take that doesn’t either help or hurt Clover, the company that pays him $100,000 a year to sit on its board and watch out for the company. And there is no waiver that can change that fact. This kind of conflict is shocking and it is deeply unethical. Not a single other trustee has ever received compensation from an insurance company while acting as a Medicare trustee.”
Warren concluded by saying that Kouzoukas must either resign from Clover or withdraw his nomination — and vowed to strongly oppose him if he does not do one or the other.
“And if you won’t step down from the Clover board, then you should withdraw your nomination. And if you do not withdraw, given the clear conflicts posed by your board service, I will strongly oppose your nomination and I will encourage every other senator in this body to do so as well.”
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