Health Over Wealth Act

This bill amends several laws to impose new requirements on for-profit corporations that own health care systems, increase transparency, restrict certain investment company practices, change bankruptcy priorities, and regulate hospital closures. It does not specify any dollar amounts or effective dates beyond those in the text.

Sec. 2, Health care ownership transparency: The Secretary of Health and Human Services must require for-profit corporations that own health care entities to report detailed financial information, including debt levels, fees, and ownership stakes, especially if a private equity fund controls the firm. The data will be made public, audited, and summarized in annual reports to Congress on financial status and impacts on access, quality, and safety.

Sec. 3, Prohibited acts by investment companies with respect to health care: It makes it unlawful for any registered investment company to engage in any act that would strip an asset from a health care entity or undermine the quality, safety, or access to health care. The Securities and Exchange Commission, with the Secretary of Health and Human Services, must define and prevent such actions.

Sec. 4, Amendments to bankruptcy law: It adds withdrawal liability under ERISA as a new first priority claim in bankruptcy, renumbering existing priorities. It also requires bankruptcy courts, when confirming a plan for a health care business, to give substantial weight to maintaining regional health care access, quality, safety, and staff retention.

Sec. 5, Maintenance of health care access relating to hospital discontinuation of services or closure: Hospitals must notify the Secretary at least 90 days before discontinuing services or closing, provide detailed information on impacted services, employees, and alternatives, and submit a mitigation plan if essential services are affected. A public comment period of at least 45 days is required, and the Secretary may impose conditions.

Sec. 6, Treatment of rents from qualified health care property: It excludes rents from qualified health care property from being treated as non-qualified income for real estate investment trusts, effective for taxable years beginning after enactment.