April 28, 2020

NBC News: Warren, Ocasio-Cortez propose halt to big mergers during coronavirus pandemic

NBC News exclusive: The Pandemic Anti-Monopoly Act by the two progressive lawmakers aims to influence the U.S. coronavirus response and raises the stakes for the election.

Sen. Elizabeth Warren, D-Mass., and Rep. Alexandria Ocasio-Cortez, D-N.Y., are teaming up on a proposal to halt mergers and acquisitions for large companies during the coronavirus pandemic, elevating a progressive cause as Democrats and apparent nominee Joe Biden craft the party's platform ahead of the 2020 election.

The “Pandemic Anti-Monopoly Act” would impose a moratorium on mergers and acquisitions involving large companies until the Federal Trade Commission “determines that small businesses, workers, and consumers are no longer under severe financial distress,” according to a summary of the proposal reviewed by NBC News.

Affected firms would include businesses with over $100 million in revenue or financial firms with market capitalization of over $100 million; private equity companies and hedge funds (or entities that are majority-owned by them); businesses that have an exclusive patent on products like personal protective equipment which pertain to the crisis; and other transactions are already required by law to be reported to the FTC.


Read the full story on the NBC News website here

By:  Sahil Kapur
Source: NBC News