REP. BILL HEFNER (D-NC)
On March 9, 1992, Rep. Hefner purchased between 15,000 and 50,000 dollars worth of stock in Philip Morris. He later sold this stock on February 24, 1993 for a reported capital gains between $1,000 and $2,500.
Rep. Hefner's stock purchase coincides with two pieces of legislation that would concern tobacco companies.
The first bill was H.R. 5487: AGRICULTURE, RURAL DEVELOPMENT, FDA APPROPRIATIONS ACT. The Appropriations Committee (on which Rep. Hefner sits) began their work on H.R. 5487 on March 17, 1992. On June 30, 1992, the House approved an amendment that provides no appropriated funds be used to pay the salaries of personnel who carry out a Market Promotion Program with respect to tobacco subsidies. Rep. Hefner voted NAY on this particular amendment (Roll No. 249).
The second bill was H.R. 4600: TO ELIMINATE THE TOBACCO PRICE SUPPORT PROGRAM (Introduced March 26, 1992; Referred to House Agriculture; Not enacted).
POLITICAL MONEY NOTES: Since 1989, Rep. Hefner has accepted at least $7,500 in campaign contributions from Philip Morris' PAC.
NOTES: Rep. Hefner is a high ranking member of the House Appropriations Committee.