Conditions on airline aid sought by Senate Democrats could include limits on executive pay and stock buybacks that have riled progressive lawmakers
Senate Democrats are pushing to add restrictions on how the airline industry can spend any federal aid included in a coronavirus stimulus package Congress is considering, as well as provisions that would require airlines to reduce carbon emissions in exchange for the assistance.
In comments on the Senate floor Wednesday, Minority Leader Chuck Schumer said that any federal money directed to airlines should come with provisions to address stock buybacks that airlines have used to boost share prices in recent years. The practice has attracted criticism from progressive Democrats like Rep. Alexandria Ocasio-Cortez after the airline industry requested an almost $60 billion bailout from Congress this week.
Later, Sen. Jack Reed, a Democrat on the Appropriations Committee, told POLITICO his party’s demands could also include limits on executive bonuses and provisions that would see taxpayers take on stock in airlines, similar to how the government bailed out banks during the 2008 financial crisis. "If we do anything like that it would have to be done on a business-like basis, which would be demanding preferred shares in the company, so when they recover taxpayers will get the benefit of the investment," Reed said. "We have restrictions on share buybacks, on dividends, on executive pay, we make sure their workforce is treated fairly, that they're not the victims of this after use of our resources — similar to some of the things we did with the banks.
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