Stop Wall Street Looting Act

Summary

Stop Wall Street Looting Act This bill generally revises provisions related to the regulation of private equity funds. Among other things, the bill increases financial and legal liability for these funds in the event of certain violations of law, gives employee compensation higher priority in bankruptcies, and generally prohibits the payment of dividends for two years from an acquired asset firm to a private equity fund. The bill modifies the tax treatment of carried interest—compensation that is typically received by a partner of a private equity fund and is based on a share of the fund's profits. (Under current law, carried interest is taxed as investment income rather than at ordinary income tax rates.) Among other things, the bill treats as ordinary income the net capital gain with respect to a private equity fund.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 July 2019

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 July 2019

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• Introduced in Senate

  summary · EN · 17 July 2019

  Open at official source

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