S. 3022 · 117th Congress
Stop Wall Street Looting Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WarrenSponsor4 cosponsors · 3 D, 1 I
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill generally revises provisions related to the regulation of private equity funds. Among other things, the bill
What it does: CRS summary · Introduced in Senate · Oct 20, 2021
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Stop Wall Street Looting Act
Latest action (Sep 8, 2022): Committee on Banking, Housing, and Urban Affairs. Hearings held.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Oct 20, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.