Today’s proposal from the Securities and Exchange Commission is a key step in bringing much-needed transparency for investors and accountability in the vast private funds market. The reforms it proposes would give pension funds that invest workers and retiree savings much more information, allowing them to better protect hard-earned dollars.
Sara Myklebust, research director at Bargaining for the Common Good Network, an initiative of labor and community groups, worked with [Patrick] Woodall, [research director at] Americans for Financial Reform, to try to survey units owned by large-scale corporate landlords in major cities across the country in 2019. Myklebust and Woodall were interested in whether they could document the consolidation of the market for single-family rentals, manufactured homes and apartments.
Americans for Financial Reform and allies today rallied in front of the Federal Reserve Board of Governors to highlight Fed Chair Jerome Powell’s failure to protect the U.S. economy from major systemic threats like climate change, racial and economic inequality, excessive risk-taking from the big banks, and private equity firms extracting wealth from communities and workers across the nation.
The Stop Wall Street Looting Act would rewrite the rules that shape the private equity industry, which now has about $7.1 trillion in assets and wealth under its control, so that regulation and market incentives promote productive, sustainable investment, not the wealth extraction that now is all too common.
Many organizations have come out in support of the Stop Wall Street Looting Act, the first comprehensive reform of the predatory private equity industry. This legislation was introduced in Congress today.
Ricardo Valadez from Americans for Financial Reform and Jessica Newman from United for Respect co-hosted a Stop Wall Street Looting Act townhall that featured speakers from Center for Popular Democracy, CASA Montgomery County, United Mine Workers of America, Communications Workers of America, and videos of Senator Warren and Representative Mark Pocan.
Ricardo Valadez from Americans for Financial Reform and Jessica Newman from United for Respect co-hosted a Stop Walls Street Looting Act allies briefing.
Hundreds of companies owned or backed by some of the most well financed private equity firms in the US secured an estimated $5.3 billion in public funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), reveals a new investigation published today.
This study estimates that at least $5.3 billion in CARES Act money went to 611 portfolio companies owned or backed by private equity firms that held $908 billion in cash reserves.
