California Gov. Gavin Newsom vetoed a bill that would have given the state's attorney general the authority to review and veto private equity healthcare deals deemed bad for patients and consumers, NPR affiliate KQED reported Sept. 30.
The proposed legislation would have covered deals involving public hospitals, health systems, physician groups and long-term care facilities operating in the state, the report said.
Mr. Newsom said the bill was redundant because the state's Office of Health Care Affordability already has the authority to review and evaluate healthcare transactions, according to the report.
Private equity firms spend about $20 billion per year on healthcare transactions in California and $83 billion nationwide, according to the report.