HR 5648
117th Congress
House
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
Everywhere this bill has been
4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 1, 2022
Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.
Nov 1, 2022
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Oct 20, 2021
Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Judiciary, and Education and Labor, 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.
Oct 20, 2021
Introduced in House
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
Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.