H.R. 10595

Stop Wall Street Looting Act

Sponsor: Mark Pocan

8 cosponsors

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Where it stands

Introduced Sep 24
Committee Now
House of Representatives —
Senate —
Law —

Introduced Sep 24
Committee Now
House of Representatives —
Senate —
Law —

Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Judiciary, and Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (Sep 24)

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Text of the bill

Sec. 1. Short title; table of contents

Sec. 2. Findings

Sec. 3. Definitions

I Corporate responsibility

Sec. 101. Joint and several liability for controlling private funds and holders of active interests in controlling private funds

Sec. 102. Indemnification void as against public policy

II Anti-looting

Sec. 201. Limitations on post-acquisition dividends, distributions, redemptions, buybacks, and outsourcing

Sec. 202. Prevention of fraudulent transfers

Sec. 203. Surtax on certain amounts received by investment firms from controlled target firms

Sec. 204. Limitation on deduction for business interest of certain businesses owned by private funds

Sec. 205. Guardrails around accessing public funds

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

Sec. 207. Repeal of special rule for taxable REIT subsidiaries with interests in certain health care property

Sec. 208. Elimination of qualified REIT dividends from qualified business income

Sec. 209. Protections for striking workers

III Protecting workers when companies go bankrupt

Sec. 301. Increased priority for wages

Sec. 302. Priority for severance pay and contributions to employee welfare benefit plans

Sec. 303. Priority for violations of Federal and State laws

Sec. 304. Limitation on executive compensation enhancements

Sec. 305. Prohibition against special compensation payments

Sec. 306. Executive compensation upon exit from bankruptcy

Sec. 307. Collateral surcharge for employee obligations

Sec. 308. Voidability of preferential compensation transfers

Sec. 309. Protection for employees in a sale of assets

Sec. 310. Protection of gift card purchasers

Sec. 311. Commercial real estate

IV Closing tax loopholes

Sec. 401. Amendment of 1986 Code

Sec. 402. Partnership interests transferred in connection with performance of services

Sec. 403. Special rules for partners providing investment management services to partnerships

V Investor protection and market transparency

Sec. 501. Disclosure of fees and returns

Sec. 502. Fiduciary obligations

Sec. 503. Disclosures relating to the marketing of private equity funds

Sec. 504. Greater visibility into non-bank direct lending and private credit

VI Restrictions on securitizing risky corporate debt

Sec. 601. Risk retention requirements for securitization of corporate debt

VII Miscellaneous

Sec. 701. Anti-evasion

Sec. 702. Severability