Alicia Jackson faces a federal ethics scrutiny after backing a policy shift while holding stock in a menopause treatment provider.
The Campaign Legal Center called for an inspector general review into whether Jackson violated conflict-of-interest laws. ProPublica reported that Jackson publicly endorsed removing federal safety warnings from hormone replacement therapies while owning shares in Evernow.
Jackson heads the Advanced Research Projects Agency for Health, a federal body with a $1.5 billion budget. She was sworn in on Oct. 20, 2025, after being appointed by Trump as her agency’s second director.
Last November, Jackson spoke at a Department of Health and Human Services press conference. Her remarks appeared in a departmental press statement that revealed the choice to strip black box warnings from hormone replacement therapy items.
Back then, Jackson held a minimum of $115,000 worth of shares alongside an unspecified quantity of stock options in Evernow. The company connects women to hormone replacement treatments.
Federal ethics rules prohibit government employees from participating personally and substantially in matters that influence their personal finances. It remains unclear what specific role Jackson played in the policy shift. An Food and Drug Administration panel of experts had recommended ending the requirement months before Jackson took office.
The advocacy organization additionally raised doubts regarding whether Jackson accurately disclosed as much as $400 million in portfolio assets controlled by her spouse’s investment company. Financial disclosures show Jackson and her husband owned more than 60 venture capital and private equity funds. These include at least 13 funds managed by 137 Ventures, a firm co-founded by her husband, Alex Jacobson.
One of those funds, 137 Ventures IV LP, invested in Thirty Madison Inc. The virtual healthcare company owns a subsidiary providing hormone replacement treatments for menopause. Jackson’s disclosures show she did not divest from the fund before the warning announcement.
Federal law requires financial disclosure forms to be certified by ethics staff. Jackson filed her disclosures last October and two months ago, but both remain uncertified.
Health officials recently placed Jackson on administrative leave. Neither Jackson nor HHS has publicly explained the reason for the leave or stated whether she obtained a conflict-of-interest waiver.
“Americans have a right to know that government decisions are not being made to benefit a federal employee’s financial interests,” the Campaign Legal Center wrote in its letter.
The HHS inspector general’s office would not confirm or deny an ongoing investigation. Inspector General T. March Bell was confirmed in a December 2025 party-line vote by the Senate.
An HHS spokesperson said that while Jackson is on leave, the agency will assess the facts before determining any change in her status. ProPublica reported that HHS requires all officials to comply with federal ethics laws, regulations, and policies.
