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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 20 October 2021

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 20 October 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 8 September 2022

   Committee

   Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-747.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 20 October 2021 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 October 2021

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 October 2021

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 20 October 2021

  Open at official source

Sponsors

• Elizabeth Warren · D · Sponsor
• Tammy Baldwin · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Bernie Sanders · I · Sponsor
• Jeff Merkley · D · Sponsor
• · ssbk00 · Standing
• · ssfi00 · Standing

Related records

• related to → Carried Interest Fairness Act of 2021
• related to → Carried Interest Fairness Act of 2021
• related to → Stop Wall Street Looting Act
• related to ← Stop Wall Street Looting Act