Wellstone Moratorium Amendment Defeated

November 18, 1999

Sen. Paul Wellstone's attempt to get Congress to impose an 18-month moratorium on agribusiness mergers and acquisitions was handed a decisive defeat Wednesday. The Senate voted 71-27 against the Minnesota Democrat's bill.

Wellstone's legislation would have imposed a moratorium on mergers and acquisitions if one party to the deal had assets of more than $100 million and the other had more than $10 million. Several food processing organizations oppose the legislation.

On the Senate floor, Wellstone said he worked with Democrats and Republicans alike to negotiate modifications that would have increased support and perhaps led to a successful vote. But in a rare move, the Republican leadership blocked his attempt when he offered the modifications, according to Wellstone.

"I was willing to make some changes to the amendment if it meant picking up some more support. I was willing to bend over backwards in the spirit of compromises," says Wellstone.

He said future efforts to change antitrust policy would depend on members of Congress feeling pressure from farmers and rural residents in general. "I say to farmers, ranchers, religious leaders and rural communities: we are at the point where we have to raise a lot of cain before Congress is going to take action. We are going to need to have a lot of people come to Washington before spring planting season to tell members of Congress...that we need a new farm policy, and we need it now."

Wellstone vowed to make another effort to pass moratorium legislation when Congress reconvenes in January for the second session of the 106^th Congress.