Bill > S5333

This bill, the Stop Wall Street Looting Act, aims to subject certain private funds to joint and several liability with respect to the liabilities of firms they acquire and control. Key provisions of the bill include: - Establishing joint and several liability for controlling private funds and holders of active interests in those funds for liabilities of target firms they acquire, such as debt, legal penalties, and worker obligations like severance pay and pension contributions. - Imposing restrictions on post-acquisition actions by target firms, such as limits on dividends, distributions, and plant closures and relocations. - Preventing fraudulent transfers and strengthening clawback provisions to recover inappropriate executive compensation. - Closing tax loopholes related to partnership interests and investment management services. - Enhancing disclosure and transparency requirements for private funds, including reporting on fees, returns, political expenditures, and human capital management. - Prohibiting waivers of fiduciary duties owed by investment advisers. - Requiring securitizers of corporate debt to retain a portion of the credit risk. The overall aim is to hold private funds more accountable for the impacts of their investments and protect workers, companies, consumers, and investors from predatory practices.