Charlotte Observer: “Drug companies profited from the Big Beautiful Bill. So did Michael Whatley”
New reporting from the Charlotte Observer reveals DC insider and Big Oil Lobbyist Michael Whatley actively pushed for legislation that increased drug prices for North Carolina seniors while he personally profited.
Whatley “helped get the [One Big Beautiful Bill] across the finish line,” which gave “a windfall to pharmaceutical companies.” But Whatley also had over a half million dollars invested in pharmaceutical companies, including up to $265,000 in companies that manufactured drugs the legislation delayed or exempted from Medicare price negotiation – stocks that have spiked while seniors face higher drug prices and out-of-pocket costs.
This is the third time Whatley has been caught pushing policies that benefit his bottom line and hurt North Carolina families. Whatley cheered on Trump’s actions in Venezuela, reaping up to $63,000 in a single weekend from his investments in Big Oil companies. Then, Whatley pushed for the war in Iran that has sent his oil stocks soaring by as much as “$219,660.”
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Paige Masten | April 19, 2026
- Michael Whatley’s investment portfolio has become a hot topic in North Carolina’s U.S. Senate race as federal lawmakers debate a congressional stock trading ban. For voters, it should be troubling when anyone with power and influence, regardless of position or party, financially benefits from policies they support.
- Such is the case with Whatley and President Donald Trump’s signature One Big Beautiful Bill Act. As co-chairman of the Republican National Committee, Whatley helped get the bill across the finish line, and he encouraged North Carolina leaders to support it. But he also may have financially benefitted from its passage.
- Ultimately, it costs the government billions of dollars in savings and increases out-of-pocket costs for patients while giving a windfall to pharmaceutical companies, as orphan drugs are tremendously profitable.
- According to publicly available financial disclosures, which are required of all Senate candidates, Whatley and his family hold investments valued up to $265,000 in pharmaceutical companies that manufacture drugs that are delayed or exempted from Medicare price negotiation. This includes cancer drugs that were once used to treat rare cancers but have since become some of the top-selling cancer drugs in the world.
- In this case, cancer patients on Medicare could struggle to afford the treatment they need to survive, while Big Pharma and its shareholders profit.
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