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Sens. Patty Murray and Lamar Alexander. Photo: Mark Wilson/Getty Images

A new Senate bill would tackle an array of health industry tactics that are costing patients a lot of money, but have largely fallen under politicians' radar until now.

The big picture: This is one of the most ambitious bipartisan health care bills in a long time.

Details: The bill, written by Sens. Lamar Alexander and Patty Murray, pitches 3 options for ending surprise hospital billing, including a new one that could coax more doctors into accepting the same insurance plans as the hospitals they practice in.

It would also:

  • Create a nonprofit entity to collect and review claims data, to help illuminate what care actually costs.
  • Ban hospitals from including anticompetitive clauses in their contracts with insurers.
  • Ban pharmacy benefit managers from charging more for a drug than the PBM paid for it, and would require PBMs to pass 100% of rebates or discounts along to insurers and employers that hire them.
  • Prohibit some of the "gaming" practices that drugmakers use to keep competition off of the market.

The backdrop: A bipartisan House proposal released yesterday would restructure Medicare’s drug benefit and cap seniors’ out-of-pocket costs.

The other side: House Speaker Nancy Pelosi this week presented ideas for "Dems' forthcoming prescription drug negotiation bill," according to a senior Democratic aide and first reported by Politico.

  • HHS would negotiate prices for at least 25 drugs every year, which would apply to all payers.
  • Drugs covered by Medicare couldn't have price hikes higher than inflation, or the manufacturer would have to rebate the difference to Medicare.

Go deeper: Capitol Hill sees bipartisan momentum on surprise medical billing

Go deeper

Biden calls Fox News reporter a "stupid son of a b---h" on hot mic

President Biden blasted Fox News' Peter Doocy on Monday after the reporter asked if the nation's soaring inflation is a political liability, saying, "what a stupid son of a b----h."

Driving the news: The Biden administration has faced rising inflation rates over recent months, which it has labeled as "transitory."

Hope King, author of Closer
29 mins ago - Economy & Business

Investors reset their compass

Data: FactSet; Chart: Axios Visuals

The endpoints of a stimulus-fueled market are being defined.

Why it matters: Conditions that drove excess pricing in riskier assets are steadily being removed, and big swings in the market like those seen today are inevitable as investors try to adjust to the new landscape.

2 hours ago - World

Soldiers seize power in Burkina Faso as global coup surge continues

Mutinous soldiers in Burkina Faso declared on state television Monday that they had deposed the government, closed the borders, and taken control of the country. President Roch Marc Christian Kaboré has reportedly been arrested.

The big picture: This would be the third successful military coup in west Africa in eight months, after juntas took power last year in Guinea and in neighboring Mali.