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S. 3022 117th Congress Senate

Stop Wall Street Looting Act

Official title: A bill to subject certain private funds to joint and several liability with respect to the liabilities of firms acquired and controlled by those funds, and for other purposes.

Introduced: October 20, 2021 Introduced by: Elizabeth Warren Democratic · Massachusetts See on congress.gov
Finance and Financial Sector Accounting and auditingAdministrative law and regulatory proceduresBankruptcyCapital gains tax
More subjectsShow fewer subjects
Civil actions and liabilityCorporate finance and managementEmployee benefits and pensionsFinancial services and investmentsFraud offenses and financial crimesIncome tax deductionsIncome tax ratesInterest, dividends, interest ratesMarketing and advertisingReal estate businessSecuritiesSecurities and Exchange Commission (SEC)Self-employedTax administration and collection, taxpayersUnemploymentWages and earnings
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 8, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-747.
Oct 20, 2021
Read twice and referred to the Committee on Finance.
Oct 20, 2021
Introduced in Senate
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 Latest action September 8, 2022

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-747.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 3
  • HR 5648 Identical bill Stop Wall Street Looting Act
  • S 1598 Carried Interest Fairness Act of 2021
  • HR 1068 Carried Interest Fairness Act of 2021
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 3
All 3 Democratic 2 Independent 1
D
Baldwin, Tammy
Wisconsin · Oct 20, 2021
 D
Merkley, Jeff
Oregon · Oct 20, 2021
 I
Sanders, Bernard
Vermont · Oct 20, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3022: Stop Wall Street Looting Act. 117th Congress. Open America. https://openamerica.io/bill/117-S-3022/
MLA
"S. 3022: Stop Wall Street Looting Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-3022/.
Bluebook (legal)
S. 3022, 117th Cong. (2026), https://openamerica.io/bill/117-S-3022/.
Markdown link
[S. 3022: Stop Wall Street Looting Act](https://openamerica.io/bill/117-S-3022/)
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