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Worst Coronavirus Idea: A Ban on Share Buybacks

Democrats insist that any government aid to businesses laid low by the Covid-19 crisis be conditioned on compliance with a laundry list of progressive demands. Sen. Elizabeth Warren would require, among other things, that to receive aid firms must institute a $15 minimum wage, set aside board seats for workers, and obtain shareholder approval for any political expenditures. Of all her proposals, perhaps the most damaging economically in the long run is her insistence that companies receiving aid be permanently barred from executing share buybacks, even after the aid is repaid.

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