H.R.6989 - Pandemic Anti-Monopoly Act of 2020116th Congress (2019-2020)
|Sponsor:||Rep. Ocasio-Cortez, Alexandria [D-NY-14] (Introduced 05/22/2020)|
|Committees:||House - Judiciary|
|Latest Action:||House - 05/22/2020 Referred to the House Committee on the Judiciary. (All Actions)|
This bill has the status Introduced
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Summary: H.R.6989 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (05/22/2020)
Pandemic Anti-Monopoly Act of 2020
This bill places a moratorium on certain mergers and acquisitions during the COVID-19 (i.e., coronavirus disease 2019) pandemic.
Specifically, the bill prohibits certain transactions such as acquisitions (1) by firms with over $100 million in revenue; (2) by financial institutions or equity funds with over $100 million in capitalization; and (3) involving firms with exclusive patents pertaining to COVID-19 pandemic-related production, manufacturing, distribution, or infrastructure. However, a waiver may be granted if the participating firms demonstrate that the transaction will advance critical national security, economic, or public health interests during the emergency.
Further, the bill establishes a legal presumption against a transaction that may pose a risk to the government's ability to respond to the national emergency declared due to COVID-19.