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Code · BILL · 118th Congress · S. 5333 (Introduced in Senate) — To subject certain private funds to joint and several liability with respect to the liabilities of firms acquired and... · Sec. 1

Sec. 1. Short title; table of contents

375 words·~2 min read·/bill/118/s/5333/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 and holders of active interests in controlling private funds. Sec. 102. Indemnification void as against public policy. TITLE II—Anti-looting Sec. 201. Limitations on post-acquisition dividends, distributions, redemptions, buybacks, and outsourcing.
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. Sec. 205. Guardrails around accessing public funds. Sec. 206. Prohibiting payments from Federal health care programs to entities that sell assets to or use assets as collateral for a loan with a real estate investment trust. Sec. 207. Repeal of special rule for taxable REIT subsidiaries with interests in certain health care property.
Sec. 208. Elimination of qualified REIT dividends from qualified business income. Sec. 209. Protections for striking workers. TITLE III—Protecting workers when companies go bankrupt Sec. 301. Increased priority for wages. Sec. 302. Priority for severance pay and contributions to employee welfare 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 tax loopholes 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. Sec. 504. Greater visibility into non-bank direct lending and private credit. 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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