The bill would, in part, halt mergers that involve hedge funds or private equity firms or those that hold 'an exclusive patent that impacts the crisis, like personal protective equipment.'
The bill would freeze mergers and acquisitions until the Federal Trade Commission unanimously decides that small businesses and workers are no longer under"financial distress."FILE PHOTO: Sen. Elizabeth Warren speaks, in Monterey Park, Calif. March 2, 2020."Private equity and other big businesses are actively looking to scoop up smaller businesses and consolidate industry for their gains.
The proposal follows a similar call for greater regulation on mergers from Rep. David Cicilline, D-R.I., who leads the House Judiciary Committee’s antitrust panel.last week that he is pushing for the next federal coronavirus package to ban acquisitions not directly related to firms about to fail. In this image from video, Rep. Alexandria Ocasio-Cortez, D-N.Y., speaks on the floor of the House of Representatives at the U.S. Capitol, April 23, 2020.
"A bill like this would harm the economy in general. It would in particular threaten workers, consumers, investors and those affected by the coronavirus," Walter Olson, a senior fellow at the Cato Institute, told ABC News.
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