Washington, D.C. – Congressional Progressive Caucus Co-Chairs Congressman Mark Pocan (WI-02) and Congresswoman Pramila Jayapal (WA-07) released the following statement on the bicameral introduction of their Stop Wall Street Looting Act:
“In an economy rigged for billionaires and big corporations at the expense of workers, private equity firms are among the worst actors. With an assist from a corrupt tax code, predatory private equity firms have hollowed out companies, loading them with debt and leaving workers with the consequences. While these big firms get even richer, employees lose their jobs, salaries, and pensions.
“The Stop Wall Street Looting Act, which has also been introduced in the Senate by Senators Elizabeth Warren, Tammy Baldwin, and Sherrod Brown, takes long overdue action to rein in these predatory practices and ensures that workers and communities come before corporate greed.”
The Stop Wall Street Looting Act would fundamentally reform private equity by closing the legal, tax, and regulatory loopholes that allow private equity firms to reap all the rewards of their investments while insulating themselves from risk. The text of the bill is available here.