PRIA Logo™
117-hr-5648117th Congress

Stop Wall Street Looting Act

Sponsored By: Representative Pocan, Mark [D-WI-2]

Unknown

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.

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Pocan, Mark [D-WI-2]

WI • D

Cosponsors

  • Rep. Jayapal, Pramila [D-WA-7]

    WA • D

    Sponsored 10/20/2021

  • Del. Norton, Eleanor Holmes [D-DC-At Large]

    DC • D

    Sponsored 10/20/2021

  • Rep. García, Jesús G. "Chuy" [D-IL-4]

    IL • D

    Sponsored 10/20/2021

  • Rep. Omar, Ilhan [D-MN-5]

    MN • D

    Sponsored 10/21/2021

  • Rep. Jones, Mondaire [D-NY-17]

    NY • D

    Sponsored 10/21/2021

  • Rep. Schakowsky, Janice D. [D-IL-9]

    IL • D

    Sponsored 10/27/2021

  • Rep. Ocasio-Cortez, Alexandria [D-NY-14]

    NY • D

    Sponsored 10/28/2021

  • Rep. Pressley, Ayanna [D-MA-7]

    MA • D

    Sponsored 10/28/2021

  • Rep. Napolitano, Grace F. [D-CA-31]

    CA • D

    Sponsored 11/1/2021

  • Rep. Lee, Barbara [D-CA-12]

    CA • D

    Sponsored 11/2/2021

  • Rep. Grijalva, Raúl M. [D-AZ-7]

    AZ • D

    Sponsored 11/30/2021

  • Rep. Lieu, Ted [D-CA-36]

    CA • D

    Sponsored 12/7/2021

  • Rep. DeSaulnier, Mark [D-CA-10]

    CA • D

    Sponsored 12/13/2021

  • Rep. Blumenauer, Earl [D-OR-3]

    OR • D

    Sponsored 1/11/2022

  • Rep. Larsen, Rick [D-WA-2]

    WA • D

    Sponsored 6/16/2022

  • Rep. Levin, Andy [D-MI-9]

    MI • D

    Sponsored 7/26/2022

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
Back to Legislation