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Democrats unveil Stop Wall Street Looting Act targeting private equity industry

( July 18, 2019, 16:11 GMT | Official Statement) -- MLex Summary: US Senator Elizabeth Warren and a group of fellow Democrats in the Senate and House  unveiled the Stop Wall Street Looting Act, which would close certain legal, tax and regulatory loopholes used by private equity firms. The legislation would make private equity firms responsible for debt repayment instead of just their portfolio companies, among other changes. "For far too long, Washington has looked the other way while private equity firms take over companies, load them with debt, strip them of their wealth, and walk away scot-free — leaving workers, consumers, and whole communities to pick up the pieces," Warren said.Statement follows below. ...

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