1. Short title This Act may be cited as the Prescription Reduction in Costs for Everyone (PRICE) Act of 2017 . 2. Findings Congress finds the following: (1) The President has announced his intention to bring down prices of prescription drugs. (2) The President has touted his negotiating skills and referred to himself as a master negotiator . 3. Presidential negotiation of prescription drug prices (a) Negotiation by President Section 1860D–11 of the Social Security Act ( 42 U.S.C. 1395w–111 ) is amended by striking subsection (i) (relating to noninterference) and inserting the following: (i) Negotiation of lower drug prices (1) In general Notwithstanding any other provision of law, the President shall negotiate with pharmaceutical manufacturers the prices (including discounts, rebates, and other price concessions) that may be charged to PDP sponsors and MA organizations for covered part D drugs for part D eligible individuals who are enrolled under a prescription drug plan or under an MA–PD plan. (2) No change in rules for formularies (A) In general Nothing in paragraph (1) shall be construed to authorize the President to establish or require a particular formulary. (B) Construction Subparagraph (A) shall not be construed as affecting the President’s authority to ensure appropriate and adequate access to covered part D drugs under prescription drug plans and under MA–PD plans, including compliance of such plans with formulary requirements under section 1860D–4(b)(3). (3) Construction Nothing in this subsection shall be construed as preventing the sponsor of a prescription drug plan, or an organization offering an MA–PD plan, from obtaining a discount or reduction of the price for a covered part D drug below the price negotiated under paragraph (1). (4) Semi-annual reports to congress Not later than June 1, 2018, and every 6 months thereafter, the President shall submit to the Committees on Ways and Means, Energy and Commerce, and Oversight and Government Reform of the House of Representatives and the Committee on