More than a dozen groups are pressing the U.S. Justice Department to retreat from a new policy they say gives a 'free pass' to corporate wrongdoers, a sign of mounting criticism among progressives of enforcement under President Joe Biden.
U.S. Attorney General Merrick Garland gives a brief statement at the Justice Department in Washington, U.S., August 11, 2023. REUTERS/Bonnie Cash/File PhotoNEW YORK, Oct 30 - More than a dozen groups are pressing the U.S. Justice Department to retreat from a new policy they say gives a "free pass" to corporate wrongdoers, a sign of mounting criticism among progressives of enforcement under President Joe Biden.
The "newly announced policy will incentivize more concentration of corporate power through strategically-timed mergers or acquisitions sought in order to wipe the slate clean for lawbreakers," the groups said in the letter.that under the new safe harbor policy that U.S. prosecutors will not target firms that report misconduct they find within six months of acquiring a new company. Senator Elizabeth Warren has also criticized the policy.
That puts the Biden administration's second year of corporate enforcement on par with the second year of the Trump administration's - the fifth-lowest corporate prosecutions on record. The previous year, 2021, saw a record low, the report said.
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