Stop Wall Street Looting Act
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Summary
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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How your representatives voted
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