The "Keep Wall Street Out of Health Care Act" introduces Chapter 358-U to enhance consumer protection and oversight of health care transactions in New Hampshire. The bill requires parties involved in "material health care transactions," which involve a change of control of health care entities, to provide written notice to the Department of Justice at least 60 days before closing. This notice must detail ownership structures, financing arrangements, and potential impacts on competition, costs, and access to care. The Department of Justice is empowered to review these transactions and can prohibit them if they threaten competition or consumer welfare. Additionally, the bill establishes a health insurance study committee to analyze the practices of private health insurers and their effects on consumers, with a report due by November 30, 2026.

The legislation aims to ensure transparency and protect the independent clinical judgment of health care professionals from interference by private equity entities or for-profit owners. While the bill does not allocate funding or authorize new positions, it is expected to increase state expenditures by an estimated $100,000 to $500,000 annually due to the anticipated workload increase for the Department of Justice, which may require hiring additional staff. The provisions of the bill will take effect upon passage for Section 4, while the remaining sections will become effective on July 1, 2027.