3.0.0 2155 2022-11-01T13:50:34Z 2022-11-01T13:50:34Z Senate S 2019-07-17 116 ssfi00 Finance Committee Senate Standing Referred to 2019-07-17T22:29:04Z Carried Interest Fairness Act of 2019 116 1735 HR 2019-03-13 Referred to the House Committee on Ways and Means. Related bill CRS Carried Interest Fairness Act of 2019 116 781 S 2019-03-13 Read twice and referred to the Committee on Finance. Related bill CRS Stop Wall Street Looting Act 116 3848 HR 2019-08-12 Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law. Identical bill CRS 2019-07-17 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2019-07-17 Introduced in Senate IntroReferral 10000 9 Library of Congress W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. N B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2019-07-17 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2019-07-17 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2019-07-17 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2019-07-17 True Finance and Financial Sector Accounting and auditing Administrative law and regulatory procedures Bankruptcy Capital gains tax Civil actions and liability Corporate finance and management Employee benefits and pensions Financial services and investments Fraud offenses and financial crimes Income tax deductions Income tax rates Interest, dividends, interest rates Marketing and advertising Real estate business Securities Securities and Exchange Commission (SEC) Self-employed Tax administration and collection, taxpayers Unemployment Wages and earnings Finance and Financial Sector 00 2019-07-17 Introduced in Senate 2020-08-19T18:02:32Z 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.

]]> Stop Wall Street Looting Act Display Title Stop Wall Street Looting Act Short Title(s) as Introduced Stop Wall Street Looting Act Introduced in Senate IS Official Title as Introduced A bill to require the Securities and Exchange Commission to issue rules requiring private funds to publicly disclose certain information, and for other purposes. Introduced in Senate IS Introduced in Senate 2019-07-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s2155is/xml/BILLS-116s2155is.xml 2019-07-17 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.