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A top federal health official publicly endorsed the removal of "black box" warnings on hormone replacement therapies — while holding at least $115,000 in stock in Evernow, a menopause telehealth company she founded. Ethics experts are calling it an "obvious conflict of interest," and Alicia Jackson has since been placed on administrative leave. The case is part of a broader pattern of undisclosed financial conflicts across the Trump administration.
When HHS announced the removal of "black box" warnings on hormone replacement therapies last November, Alicia Jackson — director of ARPA-H, the federal agency that funds biomedical research — stood at the podium praising the decision. What wasn't disclosed: Jackson held at least $115,000 in stock and an unknown amount of stock options in Evernow, the menopause telehealth company she founded before entering government. Months after the policy shift, Evernow launched a nationwide expansion.
Ethics experts described Jackson's public endorsement as an "obvious conflict of interest," noting that federal law bars officials from participating in matters that could affect their personal finances — including making statements at press conferences. Jackson's financial disclosures, filed last October and two months ago, remain uncertified. She has since been placed on administrative leave pending an HHS review.
Key Takeaways:
Why it matters: This case highlights growing concerns about ethics enforcement gaps in federal health agencies — with 274 fewer full-time ethics officials by end of 2025 — raising questions about whether public health policy decisions are being shaped by personal financial interests.
