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Code · BILL · 116th Congress · S. 2155 (Introduced in Senate) — To require the Securities and Exchange Commission to issue rules requiring private funds to publicly disclose certain... · Sec. 1

Sec. 1. Short title; table of contents

300 words·~1 min read·/bill/116/s/2155/is/section-1

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This Act may be cited as the . Stop Wall Street Looting Act The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Findings. Sec. 3. Definitions. TITLE I—Corporate responsibility Sec. 101. Joint and several liability for controlling private funds. Sec. 102. Joint and several liability for holders of economic interests in controlling private funds. Sec. 103. Indemnification void as against public policy. TITLE II—Anti-looting Sec. 201.
Limitations on post-acquisition dividends, distributions, redemptions, and buybacks. Sec. 202. Prevention of fraudulent transfers. Sec. 203. Surtax on certain amounts received by investment firms from controlled target firms. Sec. 204. Limitation on deduction for business interest of certain businesses owned by private funds. TITLE III—Protecting workers when companies go bankrupt Sec. 301. Increased priority for wages. Sec. 302. Priority for severance pay and contributions to employee benefit plans.
Sec. 303. Priority for violations of Federal and State laws. Sec. 304. Limitation on executive compensation enhancements. Sec. 305. Prohibition against special compensation payments. Sec. 306. Executive compensation upon exit from bankruptcy. Sec. 307. Collateral surcharge for employee obligations. Sec. 308. Voidability of preferential compensation transfers. Sec. 309. Protection for employees in a sale of assets. Sec. 310. Protection of gift card purchasers. Sec. 311. Commercial real estate.
TITLE IV—Closing the carried interest loophole Sec. 401. Amendment of 1986 Code. Sec. 402. Partnership interests transferred in connection with performance of services. Sec. 403. Special rules for partners providing investment management services to partnerships. TITLE V—Investor protection and market transparency Sec. 501. Disclosure of fees and returns. Sec. 502. Fiduciary obligations. Sec. 503. Disclosures relating to the marketing of private equity funds. TITLE VI—Restrictions on securitizing risky corporate debt Sec. 601.
Risk retention requirements for securitization of corporate debt. TITLE VII—Miscellaneous Sec. 701. Anti-evasion. Sec. 702. Severability.
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