S 2155
116th Congress
Senate
Finance and Financial Sector
Accounting and auditing
Administrative law and regulatory procedures
Bankruptcy
Capital gains tax
Civil actions and liability
Corporate finance and management
Employee benefits and pensions
Financial services and investments
Fraud offenses and financial crimes
Income tax deductions
Income tax rates
Interest, dividends, interest rates
Marketing and advertising
Real estate business
Securities
Securities and Exchange Commission (SEC)
Self-employed
Tax administration and collection, taxpayers
Unemployment
Stop Wall Street Looting Act
Introduced: July 17, 2019
Introduced by:
Warren, Elizabeth
Democratic
· Massachusetts
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 17, 2019
Read twice and referred to the Committee on Finance.
Jul 17, 2019
Introduced in Senate
Plain-English summary
Stop Wall Street Looting Act
This bill generally revises provisions related to the regulation of private equity funds. Among other things, the bill
- increases financial and legal liability for these funds in the event of certain violations of law,
- gives employee compensation higher priority in bankruptcies, and
- generally prohibits the payment of dividends for two years from an acquired asset firm to a private equity fund.
The bill modifies the tax treatment of carried interest—compensation that is typically received by a partner of a private equity fund and is based on a share of the fund's profits. (Under current law, carried interest is taxed as investment income rather than at ordinary income tax rates.) Among other things, the bill treats as ordinary income the net capital gain with respect to a private equity fund.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1