Stop Wall Street Looting Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jul 18, 2019)
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.
What just happenedAug 12, 2019
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Who’s behind it
- Introduced in HouseJul 18, 2019
- Aug 12, 2019Committee
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Administrative State, Regulatory Reform, and Antitrust Subcommittee - Jul 18, 2019IntroReferralH11100
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.
Education and the Workforce Committee - Jul 18, 2019IntroReferralH11100
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.
Judiciary Committee - Jul 18, 2019IntroReferralH11100
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.
Financial Services Committee - Jul 18, 2019IntroReferralH11100
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.
Ways and Means Committee - Jul 18, 2019IntroReferralIntro-H
Introduced in House
- Jul 18, 2019IntroReferral1000
Introduced in House