The Stop Wall Street Looting Act would change rules for private investment funds that control companies. It would make some funds and people with active roles in them jointly responsible for company debts and other liabilities. It would limit certain payments and asset transfers after an acquisition, change bankruptcy priorities to protect workers and some customers, and add tax rules for investment firms and managers. It would also require more fund disclosures, restrict some investment practices, and change protections for striking workers. The bill was introduced in the House and referred to committees; it has not been enacted.
Workers could receive higher priority for some unpaid wages, benefits, and severance if an employer enters bankruptcy. The bill would also add protections involving layoffs, strikes, and sales of bankrupt companies. Gift card holders could receive priority for certain claims in bankruptcy. Investors in covered funds could receive more information about fees, returns, debt, and other fund details. The effects would depend on the people and companies involved.
No publicly available information.
The bill's findings say private funds should share responsibility when companies they control fail, and that workers, consumers, and investors need stronger protections and better information.
No publicly available information.