Stimulus Must Not Go to Executive Pay or Stock Buy-Backs

For Immediate Release: March 20, 2020
Contact: Lee Morrow, lmorrow@networklobby.org, 202-601-7871

Stimulus Must Not Go to Executive Pay or Stock Buy-Backs
Sr. Simone: “Main Street needs these bailouts, not C-Suite.”

WASHINGTON, D.C. – As Congress and the White House negotiate the details of the third COVID-19 response package, NETWORK is dedicated to ensuring that those who are most harmed receive the most relief. While the need to address industry-wide economic fallout is critical, stimulus aid must have conditions attached to ensure that workers are supported rather than only subsidizing financial markets or corporate profits.

In 2008, the federal government provided hundreds-of-billions to Wall Street to respond to the financial crisis, with no strings attached to the relief. The results for Wall Street executives were tremendous – a quick return to profitability, large executive compensation packages, major stock buy-back programs, and more. Meanwhile, the results were disappointing for working families; most never fully recovered. Support for companies should be targeted and contingent upon maintaining protections for workers.

Sister Simone Campbell, SSS, Executive Director of NETWORK Lobby for Catholic Social Justice said:

“Congress needs to hear this loud and clear: Big business bailouts must not be funneled to stock buy-backs or executive paychecks. We’ve seen this movie before, and if Congress doesn’t put restrictions how the bailouts are used, workers and families will not be put first. Main Street needs these bailouts, not C-Suite.”

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NETWORK Lobby for Catholic Social Justice – advocates for justice inspired by Catholic Sisters – educates, organizes, and lobbies for economic and social transformation. They have a nearly 50-year track record of lobbying for critical federal programs that support those at the margins and prioritize the common good. www.networklobby.org