Robert F. Kennedy's Health Secretary Nomination Advances To Full Senate: Vaccine Stocks Drop
The U.S. Senate Finance Committee on Tuesday voted in favor of advancing the nomination of Robert F. Kennedy Jr. to lead the Department of Health and Human Services.
The Details: The Senate Finance Committee voted 14-13 along party lines to advance Kennedy's nomination to the Senate floor. He will now face the full Senate for consideration and ultimately, a final vote to approve or deny his nomination as health secretary.
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GOP Sen. Bill Cassidy expressed concerns with Kennedy's views on vaccines, leading some to question his support of Kennedy's nomination. The GOP Senator voted with his party in favor of the nomination.
Cassidy posted a statement on social media just before the vote Tuesday morning and said he'd had "very intense conversations," with Kennedy and Vice President J.D. Vance.
"With the serious commitments I've received from the administration and the opportunity to make progress on the issues we agree on like healthy foods and a pro-American agenda, I will vote yes," Cassidy wrote.
Stocks To Watch: Vaccine-related stocks dropped following the vote to advance Kennedy's nomination due to his past statements questioning the safety and efficacy of immunizations and history of falsehoods around vaccines. Some of the largest pharmaceutical companies including Moderna, Inc.(NASDAQ:MRNA) and Pfizer, Inc. (NYSE:PFE) are moving lower on the news.
Investors will also be watching insurance stocks for reactions as Kennedy's nomination moves forward.
During his Senate hearings last week, Kennedy called out what he considered to be "rapacious behavior by insurance companies” and suggested he would support efforts to crack down on abusive tactics like denying care and overcharging the government.
Some insurers tied to Medicaid and Medicare are UnitedHealth Group (NYSE:UNH), the largest Medicare Advantage insurer in the U.S., and Elevance Health (NYSE:ELV), one of the largest Medicaid managed care organizations.
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