The bill bans stock buybacks for any corporation that accepts government loans during the term of their assistance plus one year.
Schumer added a provision to ban businesses owned by the president, vice president, members of Congress and the heads of federal executive departments from receiving loans or investments through the corporate liquidity program. The prohibition also applies to their children, spouses and in-laws.
The legislation creates an inspector general and oversight committee for the corporate assistance program, similar to what was done for the Troubled Asset Relief Program of a decade ago, according to the senior administration official.