S. 5512

Stop Wall Street Looting Act

Sponsor: Elizabeth Warren

6 cosponsors
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I Corporate responsibility

II Anti-looting

Sec. 205. Guardrails around accessing public funds

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:

Text this section adds to the law

68. Disclosures. Any person described in paragraph (1) or (7) of section 3(c) that receives funds from a Federal or State agency—

(1) shall publicly disclose—

(A) the total funds received from the agency;

(B) the workforce demographics of the person;

(C) the amount of loans, grants, or other benefits provided;

(D) the use of the proceeds;

(E) how many jobs were saved or wages preserved;

(F) any loans forgiven or discharged;

(G) the beneficial owners of the person;

(H) the pay ratio between the chief executive officer and the median pay of employees; and

(2) may not, during the 2-year period beginning on the date on which the person receives the funds—

(A) acquire any company; or

(B) make any distribution to a shareholder of the person.

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