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118-hr-9985Committee
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Stop Wall Street Looting Act

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Summary

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The Stop Wall Street Looting Act imposes new restrictions and liabilities on private equity and other private investment funds that acquire and control companies. The bill establishes joint and several liability for private funds regarding acquired firms' obligations, limits post-acquisition dividends and asset stripping, increases worker protections in bankruptcies, closes tax loopholes related to private fund compensation, requires greater disclosure of fees and returns to investors, and restricts securitization of risky corporate debt. It also imposes a surtax on certain distributions from controlled firms and limits business interest deductions for private-fund-owned businesses.

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Bill details

Congress
118
Bill type
hr
Introduced
October 11, 2024
Sponsor
Not yet available
Last action
October 11, 2024— Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Judiciary, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

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