• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Warren, Ocasio-Cortez Want to Stop Many Company Mergers During Coronavirus Pandemic

Warren, Ocasio-Cortez Want to Stop Many Company Mergers During Coronavirus Pandemic

April 29, 2020
Scott Jennings Drops A Four-Letter Word When Dem Rep Denies Illegals Use Medicaid

Scott Jennings Drops A Four-Letter Word When Dem Rep Denies Illegals Use Medicaid

July 10, 2025
EXCLUSIVE: Trump’s Education Dept Ends Free Tuition For Illegals

EXCLUSIVE: Trump’s Education Dept Ends Free Tuition For Illegals

July 10, 2025
Biden Doctor Fuels Claims of Cover-Up Over Former President’s Mental Fitness

Biden Doctor Fuels Claims of Cover-Up Over Former President’s Mental Fitness

July 10, 2025
BRILYN HOLLYHAND: Elon, Don’t Be An Idiot: A Third Party Is A Gift To The Left

BRILYN HOLLYHAND: Elon, Don’t Be An Idiot: A Third Party Is A Gift To The Left

July 9, 2025
Democrat Senator Puts Out Anti-White, Anti-Male Job Listing

Democrat Senator Puts Out Anti-White, Anti-Male Job Listing

July 9, 2025
Dems’ Climate Pivot Probably Just Smoke And Mirrors

Dems’ Climate Pivot Probably Just Smoke And Mirrors

July 9, 2025
Chuck Schumer Lays Groundwork For Government Shutdown

Chuck Schumer Lays Groundwork For Government Shutdown

July 9, 2025
Democrat Operatives Dishonestly Try To Boost ‘Independent’ Senate Candidate To Take Down Republican

Democrat Operatives Dishonestly Try To Boost ‘Independent’ Senate Candidate To Take Down Republican

July 9, 2025
Christian University Rejects Massive Grant Meant To Turn Churches Gay After Backlash

Christian University Rejects Massive Grant Meant To Turn Churches Gay After Backlash

July 9, 2025
Chaos In Court: Massachusetts Lawyers’ Strike Frees Alleged Drug Dealers And Abusers

Chaos In Court: Massachusetts Lawyers’ Strike Frees Alleged Drug Dealers And Abusers

July 9, 2025
Cop Killings Drop Significantly Under Trump, Data Show

Cop Killings Drop Significantly Under Trump, Data Show

July 9, 2025
Supreme Court Won’t Let Florida Enforce Law Making Illegal Immigration State Crime

Supreme Court Won’t Let Florida Enforce Law Making Illegal Immigration State Crime

July 9, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Thursday, July 10, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Warren, Ocasio-Cortez Want to Stop Many Company Mergers During Coronavirus Pandemic

by Reuters
April 29, 2020 at 7:29 am
in News
245 7
0
Warren, Ocasio-Cortez Want to Stop Many Company Mergers During Coronavirus Pandemic

Brian Snyder/Reuters

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Two of the most popular Democrats, Senator Elizabeth Warren and Representative Alexandria Ocasio-Cortez, said on Tuesday they would introduce legislation to stop many mergers while the United States struggles economically during the coronavirus pandemic.

Warren and Ocasio-Cortez said they would formally introduce the Pandemic Anti-Monopoly Act to put a moratorium on all mergers that would normally be reported to the Federal Trade Commission, and any involving companies with more than $100 million in revenue or private equity companies, among others.

Warren will also seek to include the moratorium in any future relief bill. House Majority Leader Steny Hoyer has said the lower chamber intends to return soon to complete a new coronavirus response bill that Democrats have vowed to use as a vehicle for funneling hundreds of billions of dollars in federal assistance to state and local governments.

Under the proposed legislation, the moratorium would continue until the five-member FTC unanimously decides that small businesses and workers are “no longer under severe financial distress,” the lawmakers said in a news release.

“As we fight to save livelihoods and lives during the coronavirus pandemic, giant corporations and private equity vultures are just waiting for a chance to gobble up struggling small businesses and increase their power through predatory mergers,” Warren said in a statement.

The bills will be introduced after Congress returns to work, the Senate on May 4 and the House in the near future. While few bills become law, this one will face a particularly uphill battle in the Republican-controlled Senate.

Last week, Representative David Cicilline, chair of the House Judiciary Committee’s antitrust panel, called for a moratorium on mergers in the next coronavirus stimulus package and a ban on deals that are not directly related to companies about to fail.

One critic of the potential bill was NetChoice, a trade group that counts Alphabet’s Google and Facebook among its members along with Expedia, Lime and Lyft. The group said the proposal was shortsighted.

“In hard economic times, often the only way to save a business and the jobs it provides is to seek investment from larger market players,” said Carl Szabo, vice president of NetChoice. “The bill’s effect would be to force businesses to go bankrupt rather than merge with a successful market player.”

The legislation is unlikely to become law but will follow other recent antitrust bills, all of which stalled in Congress, said James Fishkin, an antitrust expert with the law firm Dechert LLP.

Fishkin also argued that any ban would be unnecessary since the Justice Department and the FTC have staff reviewing mergers remotely and there are fewer merger filings because of the economic slowdown brought on to slow the spread of the new coronavirus.

(Reporting by Diane Bartz; Editing by Dan Grebler and Jonathan Oatis)

Tags: Alexandria Ocasio-CortezCoronavirus OutbreakElizabeth Warren
Share196Tweet123
Reuters

Reuters

Reuters is an international news organization.

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th