Bill > HR5648

This bill, the Stop Wall Street Looting Act, aims to subject certain private funds to joint and several liability with respect to liabilities of firms they acquire and control. The key provisions include: - Holding controlling private funds and holders of active interests in those funds jointly and severally liable for liabilities of target firms they acquire, including debt, penalties, and withdrawal liabilities. - Prohibiting target firms from making certain capital distributions or outsourcing for 2 years after being acquired by a private fund. - Imposing a surtax on certain payments received by investment firms from controlled target firms. - Increasing priority for wages, severance pay, and violations of labor laws in bankruptcy cases. - Closing the "carried interest" loophole to treat investment management income as ordinary income rather than capital gains. - Requiring increased disclosure of fees, returns, and political spending by controlling private funds. - Restricting securitization of risky corporate debt and prohibiting evasion of the Act's provisions.