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Thu Mar 26, 2020, 07:17 PM

Industry dodges restrictive House measures in Senate's bailout bill

Source: Military Times

By: Aaron Mehta   9 hours ago

WASHINGTON — The $2 trillion economic stimulus package passed by the Senate late Wednesday includes provisions limiting stock dividends for companies that accept governmental loans — but avoids the more restrictive language that was included in the House version of the legislation.

The Senate language, which is expected to be adopted by the House and signed into law by President Donald Trump, also contains $10.5 billion in funding for the Department of Defense to combat the fallout from the new coronavirus pandemic.

No dividends or other capital distributions of stock can occur until 12 months after the loan has been paid back to the federal government, a restriction sought by good-government groups that worry the money given to industry could be primarily used to bolster shareholder value.

In addition, until Sept. 30, any business that takes loan money from the government will have to maintain its employment levels at what they were on March 24 of this year “to the extent practicable.” If cuts are needed to survive, a company can reduce employment levels by no more than 10 percent until the end of September.

Read more: https://www.defensenews.com/news/pentagon-congress/2020/03/26/industry-dodges-restrictive-house-measures-in-senate-bailout-bill/


However, one senior defense industry lobbyist, speaking on condition of anonymity, called the attempted ban on lobbying “clearly unconstitutional,” adding: “It’s ironic that the very people that Congress reaches out to when they need expertise or information are the ones they want to throw overboard when it’s politically expedient”

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Reply Industry dodges restrictive House measures in Senate's bailout bill (Original post)
turbinetree Mar 2020 OP
keithbvadu2 Mar 2020 #1
Massacure Mar 2020 #2
Lonestarblue Mar 2020 #3
Hestia Mar 2020 #4

Response to turbinetree (Original post)

Thu Mar 26, 2020, 07:28 PM

1. "lobbyist"

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 07:45 PM

2. So what is the government's definition of "employment level"?

Can an employer furlough workers for one day a week and claim that 32 hours is still considered "full time"?

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Response to turbinetree (Original post)

Thu Mar 26, 2020, 08:18 PM

3. Our rules on lobbying need to change.

There’s nothing wrong with legislators reaching out to industry e perts for information. The problem is that those industry experts, better known as lobbyists, give millions of dollars in PAC money to support the candidates who rollover for them and give huge advantages to their industries. Another problem is that lobbyists often write the laws, and average citizens never get an opportunity to voice how proposed laws affect them. Where is the equal opportunity to influence our laws? There is none. It’s all based on how much money an industry spends on re-election campaigns. Perhaps one solution is to hold hearings on every proposed law and require that both lobbyists and a panel of citizens be allowed to speak. And, Citizens United needs to be consigned to the trash heap.

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Response to Lonestarblue (Reply #3)

Fri Mar 27, 2020, 08:36 AM

4. Exactly Lonestar. But, how is banning lobbying unconstitutional?

It's not picking on one particular company but industry as a whole (using parlance of an actual company). I do not think a lobbyist gets to now be a constitutional scholar and make that declaration.

Along with rewriting lobbying laws, we need to start fining people who use the public airways or other forms of media to spread out and out lies. (Ahem...present admin). That law that the judge used (did he really?) to say it is okay for news organization to spread lies needs to be addressed also.

Wow, we are going to be busy for the next 20 years.

This is the very reason TPTB don't want us to be at home - way too many people with time on their hands to research, research, research. THEN contact their senators & congressperson.

It's been less than a month and already you can see the whites in the billionaires eyes. The very scenario they have been fearing - an actual educated populace.

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