[Congressional Record Volume 168, Number 133 (Saturday, August 6, 2022)]
[Senate]
[Page S4361]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5482. Mr. GRASSLEY submitted an amendment intended to be proposed 
to amendment SA 5194 proposed by Mr. Schumer to the bill H.R. 5376, to 
provide for reconciliation pursuant to title II of S. Con. Res. 14; 
which was ordered to lie on the table; as follows:

        At the end of part 5 of subtitle B of title I, add the 
     following:

     SEC. 11406. FIDUCIARY DUTY OF PHARMACY BENEFIT MANAGERS UNDER 
                   MEDICARE PART D.

       (a) Prescription Drug Plans.--Section 1860D-12(b) of the 
     Social Security Act (42 U.S.C. 1395w-112(b)) is amended by 
     adding at the end the following new paragraph:
       ``(8) Fiduciary duty of pharmacy benefit managers.--
       ``(A) In general.--Each contract entered into with a PDP 
     sponsor under this part with respect to a prescription drug 
     plan offered by such sponsor shall provide that any pharmacy 
     benefit manager (or affiliate, subsidiary, or agent of a 
     pharmacy benefit manager), acting as a third-party to such 
     sponsor, has a fiduciary duty of good faith and fair dealing 
     towards the Secretary.
       ``(B) Provision of information.--A PDP sponsor and a 
     pharmacy benefit manager (or affiliate, subsidiary, or agency 
     of a pharmacy benefit manager), acting as a third-party to 
     such sponsor, shall furnish to the Secretary (in a time and 
     manner specified by the Secretary) such information as the 
     Secretary determines necessary to carry out this paragraph.
       ``(C) Confidential and trade secret information.--This 
     paragraph does not authorize the disclosure of any trade 
     secret, confidential commercial or financial information, or 
     other matter described in section 552(b) of title 5.''.
       (b) MA-PD Plans.--Section 1857(f)(3) of the Social Security 
     Act (42 U.S.C. 1395w-27(f)(3)) is amended by adding at the 
     end the following new subparagraph:
       
       ``(E) Fiduciary duty of pharmacy benefit managers.--Section 
     1860D-12(b)(8).''.
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