An open letter to the U.S. Congress

Bailout restrictions

8 so far! Let’s get to 10 signers!

I am writing today regarding the proposed "bailout bill" that is being discussed in Congress. As a citizen, I'm tired of continually bailing out big corporations with few or no strings attached. There are several "strings" that MUST be in place this time. 1. Corporations with a valuation over 20 million dollars as of 1 January of 2020 must get only loans that must be repaid within 5 years. 2. Any company or corporation that receives federal assistance must not provide any form of remuneration to its executives or board members in excess of 20 times the net median company salary, including full and part time employees in the calculation. 3. Companies that accept federal funds must maintain payroll to the workers on their payroll as of 1 February 2020, and to any workers hired thereafter. 4. Companies that accept federal funds must maintain healthcare benefits to the workers on their payroll as of 1 February 2020, and to any workers hired thereafter. 5. Companies that accept federal funds that are capable of producing Personal Protective Equipment (PPE), ventilators, and other items designated by the CDC as essential for controlling the Covid-19 disease must immediately switch production to provide such items, at cost, to locations as directed by the CDC. 6. Companies are NOT allowed to buy back stock shares using federal money, nor using funds of any source before federal emergency loans are repaid in full. 7. Corporations have not used the tax savings they received from the 2017 tax bill to benefit their workers, they've used it to buy back stock shares and pay dividends. Companies that receive federal emergency funding are barred from paying shareholder dividends until all federal emergency funding is repaid.

First sent on March 22, 2020 by Jean

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