Bill > HR9985

This bill, the Stop Wall Street Looting Act: - Subjects certain private funds to joint and several liability with respect to the liabilities of firms they acquire and control, including debt, penalties, and obligations to workers. - Prohibits private funds from extracting dividends, distributions, or buybacks from acquired firms for 4 years after acquisition. - Imposes a surtax on certain fees and returns received by investment firms from controlled target firms. - Limits deductions for business interest for certain businesses owned by private funds. - Provides protections for workers, including increasing priority for wages and severance pay in bankruptcy, and preventing reductions in worker benefits. - Closes tax loopholes related to carried interests and investment management services. - Requires enhanced disclosures from private funds on fees, returns, political expenditures, and other information to protect investors. - Imposes risk retention requirements on securitization of corporate debt. The goal of the bill is to protect workers, companies, consumers, and investors from the negative impacts of private equity fund activities.