Stop Wall Street Looting Act

Bill: 117-hr-5648
Sponsor: Rep. Pocan, Mark [D-WI-2]
Introduced: 2021-10-20 in the House
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Administrative law and regulatory procedures
Bankruptcy
Capital gains tax
Civil actions and liability
Corporate finance and management
Employee benefits and pensions
Financial services and investments
Fraud offenses and financial crimes
Income tax deductions
Income tax rates
Interest, dividends, interest rates
Marketing and advertising
Real estate business
Securities
Securities and Exchange Commission (SEC)
Self-employed
Tax administration and collection, taxpayers
Unemployment
Wages and earnings

Summary:
action_date: 2021-10-20
text: 

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&#8212;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. 


Legislative actions:
action_date: 2022-11-01
text: Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.
action_date: 2022-11-01
text: Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
action_date: 2021-10-20
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Judiciary, and Education and Labor, 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.
action_date: 2021-10-20
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Judiciary, and Education and Labor, 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.
action_date: 2021-10-20
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Judiciary, and Education and Labor, 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.
action_date: 2021-10-20
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Judiciary, and Education and Labor, 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.
action_date: 2021-10-20
text: Introduced in House
action_date: 2021-10-20
text: Introduced in House