Firms that receive coronavirus aid loans can be banned from lobbying the federal authorities underneath a new proposal backed by Home Speaker Nancy Pelosi.
House Democrats drafted the invoice, the text of which is circulating on Okay Road and was obtained by POLITICO, whilst Pelosi also negotiated with Senate Majority Leader Mitch McConnell and Senate Minority Leader Chuck Schumer this weekend on a separate package deal that McConnell is making an attempt to move via the higher chamber. A procedural vote to advance the Senate invoice on Monday afternoon failed.
While McConnell’s bill consists of some restrictions on how much corporations that receive coronavirus aid loans, Pelosi’s proposal goes a lot additional.
House Democrats’ invoice would ban firms from paying bonuses to their executives or paying any compensation to fired executives until the firms repay their coronavirus aid loans to the federal government.
The bill would additionally ban firms receiving aid loans from buying again their very own stock or paying out dividends to shareholders. And it might bar such firms from lobbying the federal authorities, in a move positive to arouse anger on Okay Road amongst Democratic and Republican lobbyists alike.
McConnell’s bill, in distinction, solely prohibits companies that obtain coronavirus aid funds from giving raises for two years to staff who make more than $425,000 a yr. It also bans such corporations from paying severance packages to staff who make extra than $425,000 which are value greater than twice what the worker made final yr.
Pelosi’s workplace didn’t immediately reply to a request for remark.
Src: Pelosi proposal would ban corporations receiving coronavirus aid from lobbying
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