US Congress Senate Bill 2155 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: Introduced on July 17 2019 - 25% progression, died in committee
Action: 2019-07-17 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

Stop Wall Street Looting Act

Sen. Elizabeth Warren [D-MA]	Sen. Tammy Baldwin [D-WI]	Sen. Kirsten Gillibrand [D-NY]	Sen. Sherrod Brown [D-OH]
Sen. Bernard Sanders [I-VT]

Date	Chamber	Action
2019-07-17	Senate	Read twice and referred to the Committee on Finance.

HB3848 (Same As) 2019-08-12 - Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
HB1735 (Related) 2019-03-13 - Referred to the House Committee on Ways and Means.
SB781 (Related) 2019-03-13 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/2155/all-info
Text	https://www.congress.gov/116/bills/s2155/BILLS-116s2155is.pdf