Wall Street

U.S. Senator Warren plans bill to crack down on blank check deals

Published by
Reuters

By Jessica DiNapoli WASHINGTON (Reuters) – Democratic U.S. Senator Elizabeth Warren is planning a bill to crack down on the special purpose acquisition company, or SPAC, industry after a “proliferation” of bad deals that have often resulted in huge losses for investors, according to a report to be released Tuesday seen by Reuters. Warren’s forthcoming “SPAC Accountability Act of 2022” would increase the legal liability for a range of parties involved in such deals, enhance investor disclosures and lock up for a longer period early investors which bankroll the deals. While Warren’s bill may str…

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