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Airlines Urged to Refrain From Stock Buybacks as Limit Ends (1)

Sept. 29, 2022, 4:16 PMUpdated: Sept. 29, 2022, 5:31 PM

House Democrats asked airlines Thursday to avoid stock buybacks after pandemic-era restrictions end this month, saying they should focus instead on meeting growing travel demand.

Congress passed payroll support that provided about $50 billion to US aviation during the pandemic and “ensured the airlines’ ability to return to service,” lawmakers wrote to airline trade groups. The program also prohibited furloughs, required continued service, and banned stock buybacks and dividends through Sept. 30 — a deadline that Democrats and unions are now looking to avoid.

“We urge your member carriers to refrain from initiating stock buybacks when the prohibition ends,” the ...