S. 5512
Stop Wall Street Looting Act
Sponsor: Elizabeth Warren
Official summary
No official summary yet.
Text of the bill
I Corporate responsibility
II Anti-looting
III Protecting workers when companies go bankrupt
Section 507(a) of title 11, United States Code, is amended—
(1) in paragraph (4)—
(A) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively;
(B) in the matter preceding clause (i), as so redesignated, by inserting (A) before Fourth;
(C) in subparagraph (A), as so designated, in the matter preceding clause (i), as so redesignated—
(i) by striking $10,000 and inserting $20,000;
(ii) by striking within 180 days; and
(iii) by striking or the date of the cessation of the debtor’s business, whichever occurs first; and
(D) by adding at the end the following:
(B) Severance pay described in subparagraph (A)(i) shall be deemed earned in full upon the layoff or termination of employment of the individual to whom the severance pay is owed.
; and
(2) in paragraph (5)—
(A) in subparagraph (A)—
(i) by striking within 180 days; and
(ii) by striking or the date of the cessation of the debtor’s business, whichever occurs first; and
(B) by striking subparagraph (B) and inserting the following:
(B) for each such plan, to the extent of the number of employees covered by each such plan multiplied by $20,000.
IV Closing tax loopholes
V Investor protection and market transparency
VI Restrictions on securitizing risky corporate debt
VII Miscellaneous