Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez are planning to introduce a bill to stop mergers of large companies during the coronavirus pandemic, the lawmakers said on Tuesday.
The "Pandemic Anti-Monopoly Act" would ban large mergers until the Federal Trade Commission "determines that small businesses, workers, and consumers are no longer under severe financial distress," the lawmakers said in a statement.
FTC Commissioner Noah Phillips said M&A activity overall has "dramatically" decreased due to the coronavirus, and shutting down mergers entirely "doesn't make a lot of sense." Speaking on CNBC on Tuesday, he said there has been "absolutely no ramp down in enforcement," and that the agency is carefully monitoring mergers in the healthcare industry.
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