Corporations that receive coronavirus relief loans would be banned from lobbying the federal government under a new proposal backed by House Speaker Nancy Pelosi
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House Democrats drafted the bill, the text of which is circulating on K Street and was obtained by POLITICO, even as Pelosi also negotiated with Senate Majority Leader Mitch McConnell and Senate Minority Leader Chuck Schumer this weekend on a separate package that McConnell is trying to pass through the upper chamber. A procedural vote to advance the Senate bill on Monday afternoon failed.
House Democrats’ bill would ban corporations from paying bonuses to their executives or paying any compensation to fired executives until the corporations repay their coronavirus relief loans to the federal government. The bill would also ban corporations receiving relief loans from buying back their own stock or paying out dividends to shareholders. And it would bar such corporations from lobbying the federal government, in a move sure to arouse anger on K Street among Democratic and Republican lobbyists alike.
McConnell’s bill, in contrast, only prohibits businesses that receive coronavirus relief funds from giving raises for two years to employees who make more than $425,000 a year. It also bans such companies from paying severance packages to employees who make more than $425,000 that are worth more than twice what the employee made last year.
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