Friday, April 03, 2020
Congressional Democrats have boasted about the strict conditions they negotiated to make sure the CARES Act's massive corporate-aid package benefits employees rather than their bosses.
"We ensured in the bill that any taxpayer dollars given to industry goes first and foremost to worker paychecks and benefits, not CEO bonuses, stock buybacks or dividends," Speaker Nancy Pelosi declared in her floor speech before the House passed the CARES Act.
But that wasn't exactly true.
While the bipartisan legislation that President Trump signed Friday did attach tight strings to the $46 billion the Treasury Department will dispense to airlines and firms it deems vital to national security, the other $454 billion in the law for larger firms that will flow through Federal Reserve lending programs doesn't have the tight restrictions that both Speaker Pelosi and Sen. Shumer promised they would get.
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