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.
Sponsored bills
Secure and Fair Enforcement Banking Act of 2021 or the SAFE Banking Act of 2021 This bill generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. Prohibited penalties include terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate cannabis-related business and prohibiting or otherwise discouraging a depository institution from offering financial services to such a business. Additionally, proceeds from a transaction involving activities of a legitimate cannabis-related business are not considered proceeds from unlawful activity. Proceeds from unlawful activity are subject to anti-money laundering laws. Furthermore, a depository institution is not, under federal law, liable or subject to asset forfeiture for providing a loan or other financial services to a legitimate cannabis-related business. The bill also provides that a federal banking agency may not request or order a depository institution to terminate a customer account unless (1) the agency has a valid reason for doing so, and (2) that reason is not based solely on reputation risk. Valid reasons for terminating an account include threats to national security and involvement in terrorist financing, including state sponsorship of terrorism.
Naloxone Education and Access Act This bill reauthorizes through FY2027, expands eligibility for, and otherwise makes changes to a grant program that supports access to medications that reverse opioid overdoses (e.g., naloxone).
Recognizing the Protection of Motorsports Act of 2021 or the RPM Act of 2021 This bill authorizes the modification of a vehicle's air emission controls for vehicles that are not legal for operation on a street or highway and are used solely for competition. In relation to the exemption of competition vehicles from anti-tampering provisions, the Environmental Protection Agency (EPA) is prohibited from creating or authorizing a database of vehicle registration information that is required to be consulted at the point of manufacture, sale, installation, or use of parts or components. Additionally, the EPA may not require the registration of a vehicle, or part or component of a vehicle, by the manufacturer, seller, purchaser, installer, or user of the vehicle. The regulation prescribed by the EPA regarding the exemption must include certain components, including a description of the reasonable conditions for the applicability of the exemption.
Go Pack Go Act of 2022 This bill requires a cable operator or satellite carrier to provide their subscribers in specified Wisconsin counties (i.e., Ashland, Barron, Bayfield, Burnett, Douglas, Dunn, Florence, Iron, Pierce, Polk, Sawyer, St. Croix, or Washburn) the choice of retransmission of (1) the signal of any local network station that the operator or carrier is required to retransmit to the subscriber; (2) an in-state, adjacent-market network station; or (3) both. This will allow residents of such Wisconsin counties currently assigned to an out-of-state Minnesota television market to access programming in Wisconsin.
This resolution expresses that the Senate has heard the announcement of the death of the Honorable Jacqueline R. Walorski, Congresswoman for the Second Congressional District of Indiana. The resolution also honors Representative Walorski for her service to Indiana and the United States. The resolution expresses that when the Senate adjourns today, it stands adjourned as a further mark of respect to the memory of Representative Walorski.
This resolution condemns the attack at the Sikh Temple of Wisconsin on August 5, 2012, recognizes the resilience of the Sikh community, and calls for unwavering resolve to prevent and seek justice for acts of hate and terrorism.
This resolution commemorates the 55th anniversary of the fire onboard the USS Forrestal , recognizes the sailors and marines who gave their lives while fighting the fire, and commemorates the efforts of the sailors and marines who survived the fire.
Equal Access to Contraception for Veterans Act This bill prohibits the Department of Veterans Affairs from requiring payment from a veteran for any contraceptive item that is required to be covered by health insurance plans without a cost-sharing requirement.
Access to Capital Creates Economic Strength and Supports Rural America Act or the ACCESS Rural America Act This bill increases the shareholder registration threshold for issuers receiving support through federal universal service support mechanisms, which provide communication services to underserved areas.