Industry dodges restrictive House measures in Senate's bailout bill
Source: Military Times
By: Aaron Mehta ? 9 hours ago
WASHINGTON The $2 trillion economic stimulus package passed by the Senate late Wednesday includes provisions limiting stock dividends for companies that accept governmental loans but avoids the more restrictive language that was included in the House version of the legislation.
The Senate language, which is expected to be adopted by the House and signed into law by President Donald Trump, also contains $10.5 billion in funding for the Department of Defense to combat the fallout from the new coronavirus pandemic.
No dividends or other capital distributions of stock can occur until 12 months after the loan has been paid back to the federal government, a restriction sought by good-government groups that worry the money given to industry could be primarily used to bolster shareholder value.
In addition, until Sept. 30, any business that takes loan money from the government will have to maintain its employment levels at what they were on March 24 of this year to the extent practicable. If cuts are needed to survive, a company can reduce employment levels by no more than 10 percent until the end of September.
Read more: https://www.defensenews.com/news/pentagon-congress/2020/03/26/industry-dodges-restrictive-house-measures-in-senate-bailout-bill/
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However, one senior defense industry lobbyist, speaking on condition of anonymity, called the attempted ban on lobbying clearly unconstitutional, adding: Its ironic that the very people that Congress reaches out to when they need expertise or information are the ones they want to throw overboard when its politically expedient
keithbvadu2
(36,747 posts)Massacure
(7,517 posts)Can an employer furlough workers for one day a week and claim that 32 hours is still considered "full time"?
Lonestarblue
(9,963 posts)Theres nothing wrong with legislators reaching out to industry e perts for information. The problem is that those industry experts, better known as lobbyists, give millions of dollars in PAC money to support the candidates who rollover for them and give huge advantages to their industries. Another problem is that lobbyists often write the laws, and average citizens never get an opportunity to voice how proposed laws affect them. Where is the equal opportunity to influence our laws? There is none. Its all based on how much money an industry spends on re-election campaigns. Perhaps one solution is to hold hearings on every proposed law and require that both lobbyists and a panel of citizens be allowed to speak. And, Citizens United needs to be consigned to the trash heap.
Hestia
(3,818 posts)It's not picking on one particular company but industry as a whole (using parlance of an actual company). I do not think a lobbyist gets to now be a constitutional scholar and make that declaration.
Along with rewriting lobbying laws, we need to start fining people who use the public airways or other forms of media to spread out and out lies. (Ahem...present admin). That law that the judge used (did he really?) to say it is okay for news organization to spread lies needs to be addressed also.
Wow, we are going to be busy for the next 20 years.
This is the very reason TPTB don't want us to be at home - way too many people with time on their hands to research, research, research. THEN contact their senators & congressperson.
It's been less than a month and already you can see the whites in the billionaires eyes. The very scenario they have been fearing - an actual educated populace.