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Rolling Back Trump

A to-do list for the next Democratic trifecta: every square is something Donald Trump or his administration signed, ordered, or put his name on since January 20, 2025. Some can be undone with a signature. Others will take an act of Congress, new rules, or years of rebuilding. Each square shows who it affects.

Law · H.R. 1 · Jul 4, 2025 · Health

Exempted drugs from Medicare negotiation

Where it standsIn effect
  1. Jul 1, 2025The Senate passed the One Big Beautiful Bill Act, which would expand the exemption shielding certain high-cost drugs from Medicare price negotiation. Trump's portfolio bought up to $950,000 in stock of drugmakers that stood to benefit that same day, congressional Democrats found. Source ↗
  2. Jul 4, 2025Trump signed the One Big Beautiful Bill Act (H.R. 1), including Section 71203, which expanded the exemption shielding drugs designated for rare diseases, including cancer drugs like Keytruda and Opdivo, from Medicare's drug price negotiation program. Source ↗
  3. Oct 16, 2026The Joint Economic Committee's Democratic minority reported Trump's pharmaceutical stock holdings grew from about $1.7 million in 2024 to as much as $56.2 million by the end of 2025, including up to $39.1 million in companies that benefited from the exemption. Source ↗
  4. Oct 16, 2026The committee said Trump's portfolio also bought up to $1 million in AbbVie stock in August 2025, after it became law, and estimated the carveout will cost Medicare patients up to $21,810 more a year for Ultomiris and $5,245 more for Keytruda. Source ↗
  5. Oct 16, 2026 · LatestWhite House spokesperson Davis Ingle denied any conflict of interest: "Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold," he said. Source ↗
How to roll it backCongress can repeal Section 71203 of the 2025 tax and spending law to restore Medicare's authority to negotiate lower prices for these drugs.
Source ↗

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Anything Trump or his administration has done since January 20, 2025 that a future administration or Congress could reverse, limit, or keep from happening again. It goes on the list when official records document it or a major news outlet reports it.

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