The coronavirus bill didn’t do enough to stop corporate bailouts, but Treasury Sec. Mnuchin & Fed Chair Powell have vast power to decide how to hand out this money. I sent a detailed list of principles that would protect workers & root out corruption. washingtonpost.com/opinions/2020/…
Any bailout funds should come with strict restrictions that protect workers & don’t reward corporate misbehavior. Taxpayer money should be used to keep workers on the payroll – not for executive pay, bonuses, or stock buybacks.
Companies that receive federal bailout money should be barred from political spending or lobbying expenditures for the duration of the assistance. Taxpayer money shouldn’t be spent to reward politicians or pad lobbyists’ pocketbooks.
Bailouts can’t be handed out with the same old corrupt rules that reward the wealthy & well-connected. Mnuchin & Powell must use strong conflict of interest protections, clear public rules on how they choose recipients, & total transparency beyond the law's requirements.
Money that goes to bail out big companies should come with serious long-term change: a $15 minimum wage, at least one seat for workers on their board of directors, & no union-busting. And CEOs should face civil & criminal penalties for violating these terms.
One more thing: we want to see where the money goes. Bailed out companies should be required to comply with all document & information requests & appear as witnesses before the Special Inspector General, Congressional Oversight Panel, & Pandemic Response Accountability Committee.
I’ll be watching Secretary Mnuchin & Chairman Powell carefully as they administer this $500 billion bailout for corporate America. And you bet I’ll be watching those big corporations to protect workers, consumers, & taxpayers. warren.senate.gov/oversight/lett…
