Sen. Warren and Rep. Ocasio-Cortez are teaming up on a proposal to halt mergers and acquisitions for large companies during the coronavirus pandemic.
WASHINGTON — 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, 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 ; 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.
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