Stop Wall Street Looting Act

This bill would make private investment funds that take control of a company, and people who help run those funds, legally responsible for that company's debts, fines, and certain worker and pension obligations. For four years after such a takeover, the company could not pay dividends or buy back shares, and it could not close plants or lay off workers in order to move the work outside the United States. The bill would add a new tax on certain payments that controlled companies make to the investment firms that control them, and it would limit some tax deductions for these companies. It would also give unpaid wages, severance, and benefit contributions higher priority in bankruptcy and set limits on executive bonuses during bankruptcy. Other sections change labor law for striking workers and add disclosure rules for private funds.

Full text and official record on Congress.gov

Sponsors

• Mark Pocan Democrat sponsor
• 9 cosponsors