Bill > S3022

This bill, the Stop Wall Street Looting Act: - Imposes joint and several liability on controlling private funds and holders of active interests in those funds for the liabilities of companies they acquire and control, including debt, legal penalties, and worker-related obligations like severance pay and pension contributions. - Prohibits certain actions by controlling private funds, like dividends, distributions, and outsourcing, for two years after acquiring a company. - Imposes a surtax on payments from acquired companies to the controlling private fund. - Imposes restrictions on executive compensation and priority for worker claims in bankruptcy proceedings of acquired companies. - Closes the "carried interest" loophole by treating income from investment management services as ordinary income rather than capital gains. - Requires enhanced disclosure of fees, returns, and political spending by private funds. - Imposes fiduciary duties on private fund managers and prohibits waiving those duties. - Expands risk retention requirements for securitizations of corporate debt. The overall goal is to restrict private equity firms from stripping assets, loading up companies with debt, and prioritizing the interests of fund managers over workers and communities.