Cuomo: “No handouts to grasping firms”
Fresh York Governor Andrew Cuomo proposed a brand new guidelines on Tuesday that goals to discontinue firms from receiving excess funds as a outcomes of COVID-19. According to the governor, the “Americans First Regulation” would block firms from receiving a executive bailout unless they rehire the same series of staff they employed before the pandemic.
“No handouts to grasping firms, no political pork and no partisanship,” Cuomo said. “There ought to be a time in history when the federal executive is willing to discontinue taking part in partisanship politics. And if it be no longer through this experience, this can never be.”The governor cited the federal bailout of most major banks after the 2008 mortgage crisis as the impetus for his proposal. Banks that got taxpayer-funded bailouts from the federal executive after the fracture persisted to award their high executives billions in salaries and bonuses.”No bailout boondoggles. Attain no longer betray the American americans again,” Cuomo said Tuesday, noting his region as attorney total of Fresh York after the 2008 bailout: “I had to trim up the mess.””I realize agencies have to recover, this does now not might well also aloof be a giveaway to the rich millionaires who are doing appropriate fine anyway, and it does now not might well also aloof be a giveaway to mountainous alternate,” he said. “It mustn’t be that one other episode in history the do come what would possibly the rich decide out a manner to salvage more support. When it is presupposed to be about serving to average Americans.”Cuomo said the “new scam” by firms, as a outcomes of the coronavirus pandemic, will seemingly be to lower costs unnecessarily through group reductions. “These firms are going to make consume of this pandemic to lengthen staff,” he said. If an organization’s rehiring does now not meet its used group, the Americans First Regulation would require them to shut any executive funds they got to weather the COVID crisis, in accordance with the governor.
Cuomo said the Fresh York direct congressional delegation will suggest the guidelines within the Dwelling of Representatives. “I dangle our delegation has an opportunity to handbook the absolute best design,” he said.
The federal executive bailed out mountainous firms and gave millionaires a tax lower within the first COVID bills.It’s time for them to fund:-Declare and native governments -Testing and tracing programs-A precise economic stimulus that helps working Americans— Andrew Cuomo (@NYGovCuomo) Could well well 12, 2020
I am proposing the Americans First Regulation: If an organization does now not rehire the same series of staff, they ought to return any COVID funds got.— Andrew Cuomo (@NYGovCuomo) Could well well 12, 2020