H.R. 10595
Stop Wall Street Looting Act
Official summary
No official summary yet.
Text of the bill
I Corporate responsibility
The Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.), as amended by this Act, is amended by adding at the end the following:
67. Indemnification void as against public policy
(a) Definitions. In this section, the terms affiliate, controlling private fund, holder of an active interest, and target firm have the meanings given those terms in section 3 of the Stop Wall Street Looting Act.
(b) Void as against public policy. It shall be void as against public policy for a target firm, or an affiliate of a target firm, to indemnify a controlling private fund with respect to—
(1) the target firm;
(2) any affiliate of the target firm; or
(3) any person that is the holder of an active interest in the controlling private fund with respect to the liabilities of that person under section 66.
II Anti-looting
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