Democrats escalate calls to ban large mergers during the pandemic
Photo by Samuel Corum / Getty Images
On Wednesday, Democrats escalated efforts to ban major corporate mergers during the coronavirus pandemic, penning a letter to the Treasury Department calling for a ban on any mergers by companies that received pandemic relief.
For several weeks, lawmakers like Sen. Elizabeth Warren (D-MA) and Rep. David Cicilline (D-RI), chairman of the House Judiciary Committee’s subcommittee on antitrust, have pushed for a general moratorium on mergers until the pandemic ends. In April, Cicilline proposed that corporate mergers could only take place if a company was about to fail or already in bankruptcy.
Cicilline is currently leading a sweeping investigation into the tech sector over potential anti-competitive behavior.
Later that month, Warren,…