Sen. Elizabeth Warren (D-Mass.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) have introduced legislation to halt large mergers and acquisitions through the duration of the coronavirus pandemic, the progressive pair’s latest bid to rein in what they see as predatory behavior from private equity firms and corporations. Dubbed the Pandemic Anti-Monopoly Act, the legislation would place a moratorium on takeovers involving companies with over $100 million in revenue and financial institutions with a market cap exceeding $100 million. The bill specifically takes aim at private equity firms, hedge funds and companies that are majority-backed by either type of investor. Last week, Rep. David Cicilline (D-R.I.), the chair of the House Antitrust Committee, proposed a similar temporary ban on large acquisitions.
Read the full article: Elizabeth Warren, Alexandria Ocasio-Cortez Want Mergers Halted Due to COVID-19 //
Source: https://pitchbook.com/news/articles/elizabeth-warren-alexandria-ocasio-cortez-want-mergers-halted-due-to-covid-19