President Trump called on CEOs not to buy back their company stock with federal rescue money, and almost right on cue, Joe Biden called for the same thing soon after.
Yahoo News reported on Thursday:
President Trump said on Thursday that he supports measures that would prohibit corporations that receive federal bailout money in the coronavirus emergency from buying back shares of their own stock. That is also the position of congressional Democrats — and some Republicans — who want assurances that corporations will use government bailout funds to support workers, not bolster their earnings reports.
Trump told reporters, “Well, we don’t want that.”
He added, “People are coming in for money, in some cases through no fault of their own, but in some cases where they did certain things over the course of the years, including buying back stock.”
On Friday, Biden wrote on Twitter that CEOs should “commit now to not buying back their company’s stock over the course of the next year.”
I am calling on every CEO in America to publicly commit now to not buying back their company's stock over the course of the next year. As workers face the physical and economic consequences of the coronavirus, our corporate leaders cannot cede responsibility for their employees.
— Joe Biden (Text Join to 30330) (@JoeBiden) March 20, 2020
ABC News reporter Molly Nagle hailed it as a “rare moment of agreement” — but got the timing wrong.
A rare moment of agreement between @realDonaldTrump and @JoeBiden: After Biden called on CEO's to publicly commit to not buy back their company's stock for a year this AM, Trump just said he would "demand" CEO's not buy back stock in the White House Task Force briefing. https://t.co/v7C9DqNYZZ
— Molly Nagle (@MollyNagle3) March 20, 2020
“After Biden called on CEO’s to publicly commit to not buy back their company’s stock for a year this AM, Trump just said he would ‘demand’ CEO’s not buy back stock in the White House Task Force briefing,” she wrote.
Kyle Olson is a reporter for Breitbart News. Follow him on Twitter at @KyleOlson4.
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