H.R. 10595

Stop Wall Street Looting Act

Sponsor: Mark Pocan

8 cosponsors
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I Corporate responsibility

II Anti-looting

Sec. 206. Prohibiting payments from Federal health care programs to entities that sell assets to or use assets as collateral for a loan with a real estate investment trust

Section 1128(a) of the Social Security Act (42 U.S.C. 1320a–7(a)) is amended by adding at the end the following new paragraph:

Text this section adds to the law

(5) Selling assets to or using assets as collateral for a loan with a real estate investment trust

(A) In general. Any individual or entity that, on or after the date of enactment of this paragraph, sells any assets to, or newly pledges any assets as collateral for a loan with, a real estate investment trust (as defined in section 856(a) of the Internal Revenue Code of 1986).

(B) Clarification. Subparagraph (A) shall not apply in the case where an individual or entity agreed to pledge an asset as collateral for a loan with a real estate investment trust prior to the date of enactment of this paragraph, including with respect to any future agreement between the individual or entity and the real estate investment trust regarding that same asset.

III Protecting workers when companies go bankrupt

IV Closing tax loopholes

V Investor protection and market transparency

VI Restrictions on securitizing risky corporate debt

VII Miscellaneous