S. 3022

Introduced

Stop Wall Street Looting Act

Introduced 10/20/2021•117th Congress•Senate

Congress.gov

Latest Action

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-747.

9/8/2022 • Senate

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.

Introduced in Senate • 10/20/2021

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Topics & Subjects

Policy Area: Finance and Financial Sector

Accounting and auditingAdministrative law and regulatory proceduresBankruptcyCapital gains taxCivil actions and liabilityCorporate finance and managementEmployee benefits and pensionsFinancial services and investmentsFraud offenses and financial crimesIncome tax deductionsIncome tax ratesInterest, dividends, interest ratesMarketing and advertisingReal estate businessSecuritiesSecurities and Exchange Commission (SEC)Self-employedTax administration and collection, taxpayersUnemployment