[Congressional Record Volume 171, Number 8 (Wednesday, January 15, 2025)]
[House]
[Page H155]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]





                 PROSPECT MEDICAL FILING FOR BANKRUPTCY

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Rhode Island (Mr. Magaziner) for 5 minutes.
  Mr. MAGAZINER. Mr. Speaker, this week, Prospect Medical Holdings, 
which owns Our Lady of Fatima Hospital in North Providence and Roger 
Williams Medical Center in Providence, filed for bankruptcy, 
threatening to undermine Rhode Island's already-stressed healthcare 
system.
  Unfortunately, this is a day that many of us feared would come 
because, for years, Leonard Green & Partners, the private equity firm 
that owned Prospect Medical, and executives of the company engaged in 
outrageous profiteering, buying up hospitals and extracting hundreds of 
millions of dollars of management fees and dividends, money that should 
have been spent on patient care.
  In the decade that private equity firm Leonard Green owned Prospect 
Medical, they extracted over half a billion dollars from the hospitals 
they owned. Their partner, Prospect CEO Sam Lee, personally made more 
than $100 million, buying luxury properties for himself at the same 
time that he shut down emergency rooms. Shameful.
  When I was State treasurer in 2020, I sent a letter to Leonard Green, 
expressing my frustration at their unethical practices and the impact 
they were having on healthcare in Rhode Island. In response, they put 
out a statement insisting that all was well and that the operations at 
Fatima and Roger Williams were doing just fine.

  Now, 4 years later, wouldn't you know it, Prospect is declaring 
bankruptcy, threatening the health and safety of thousands of Rhode 
Islanders who rely on Fatima and Roger Williams and the livelihoods of 
the hundreds of healthcare workers who work in those hospitals.
  The executives at Leonard Green and Prospect, who sucked all the 
money out of those hospitals, are long gone, counting their millions. 
It is greed, plain and simple.
  I commend Senator Sheldon Whitehouse and Attorney General Peter 
Neronha, who have been sounding the alarm about Prospect for years. I 
am committed to working with State officials and my colleagues in the 
Rhode Island congressional delegation to clean up the mess that Leonard 
Green left behind and to do our best to save Fatima and Roger Williams 
and stabilize our State's healthcare system.
  Mark my words, we will not stop there. The time has come for Congress 
to take a hard look at the consequences of private equity ownership of 
hospitals. Rhode Islanders and the American people are counting on us 
for action, and they are going to get it.


                   Honoring Officers for Serving on 
                               January 6

  Mr. MAGAZINER. Mr. Speaker, 4 years ago last week, a violent mob 
attacked our Nation's Capitol, assaulted police officers, and 
threatened to kill elected officials, all with the goal of blocking the 
results of the Presidential election and denying the will of the 
American people. They did it because the losing candidate in that 
election, President Donald Trump, incited them by falsely claiming he 
won.
  On that dark day, hundreds of Capitol and Metropolitan Police 
officers bravely did their duty, putting their lives in harm's way to 
protect this building, the people in it, and our very democracy.
  Over 140 police officers suffered injuries, including broken bones, 
concussions, and PTSD. They were attacked with baseball bats, axes, and 
chemicals, among other deadly weapons. In the weeks that followed, five 
officers died from their injuries.
  The officers who served that day are all heroes who fought for our 
country and deserve our thanks and praise. Congress passed, and 
President Biden signed, a law to honor the Capitol Police officers who 
defended our country during the January 6 riots with a plaque here in 
the Capitol Building that they fought to defend.
  Shamefully, Republicans in Congress continue to refuse to hang that 
plaque. Every day that my Republican colleagues delay is an insult to 
the brave officers who served on January 6 and who continue to protect 
us day in and day out.
  Mr. Speaker, I say to my Republican colleagues: No more delays, no 
more disrespect. Hang the plaque now.
  Every pivotal event in American history has heroes and cowards. 
January 6 is no different. History will always remember the heroic 
officers who risked their lives to defend our country and will also 
remember the cowards who refused to honor them.
  The SPEAKER pro tempore. Members are reminded to refrain from 
engaging in personalities toward the President-elect.

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