Stop Wall Street Looting Act
Latest action · Jul 17, 2019 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 17, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 4
Members who signed on, in the order they did. All signed on Jul 17, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| I-VT | Bernard Sanders | Original | Jul 17, 2019 |
| D-NY | Kirsten E. Gillibrand | Original | Jul 17, 2019 |
| D-OH | Sherrod Brown | Original | Jul 17, 2019 |
| D-WI | Tammy Baldwin | Original | Jul 17, 2019 |
Actions 2
Everything that happened, newest first.
- Jul 17, 2019Introduced in Senate
- Jul 17, 2019Read twice and referred to the Committee on Finance.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 781 | Carried Interest Fairness Act of 2019 | Related bill | Mar 13, 2019 |
| HR 1735 | Carried Interest Fairness Act of 2019 | Related bill | Mar 13, 2019 |
| HR 3848 | Stop Wall Street Looting Act | Identical bill | Aug 12, 2019 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Accounting and auditing
- Administrative law and regulatory procedures
- Bankruptcy
- Capital gains tax
- Civil actions and liability
- Corporate finance and management
- Employee benefits and pensions
- Finance and Financial Sector
- 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
Text 1
Each version as it was printed, newest first.
- Jul 17, 2019Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
