US HB3848 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 18-0)
Status: Introduced on July 18 2019 - 25% progression, died in committee
Action: 2019-08-12 - Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Pending: House Subcommittee on Antitrust, Commercial, and Administrative Law Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Tracking Information

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Title

Stop Wall Street Looting Act

Sponsors


History

DateChamberAction
2019-08-12HouseReferred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
2019-07-18HouseReferred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Judiciary, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2019-07-18HouseReferred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Judiciary, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2019-07-18HouseReferred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Judiciary, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2019-07-18HouseReferred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Judiciary, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2019-07-18HouseIntroduced in House

Same As/Similar To

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.
SB2155 (Same As) 2019-07-17 - Read twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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