“I wasn’t sent here to safeguard and protect profit,” Ocasio-Cortez said in a video from the hearing circulated by Americans for Financial Reform, “I was sent here to safeguard and protect people.”
Today, private equity and hedge fund managers take advantage of gaps in regulations to make billions of dollars by looting real-world businesses and engaging in abusive practices without any accountability. They also pay taxes at a lower rate than teachers and firefighters. The undersigned organizations support the Stop Wall Street Looting Act (S.2155 / HR 3848 ). This legislation would eliminate tax, securities and bankruptcy law carve-outs that allow these Wall Street titans to make billions at the expense of workers, communities and pensions.
The survey found that voters across party lines both disapprove of common approaches of private equity firms in taking over and running existing businesses. They also approve of measures to increase accountability, close loopholes, and protect workers, investors and the viability of target firms.
AFR Polling Memo: New Survey Shows Bipartisan Skepticism of Private Equity Tactics, Support for Reform
Voters support continued reform of Wall Street, and that conviction extends to the private equity industry, according to a new poll by Lake Research Partners and Chesapeake Beach Consulting. Majorities of Democrats, independents, and Republicans, oppose the predatory tactics of private equity industry, and support legislative proposals aimed at correcting its abuses.
New report revealing how in the last 10 years, a staggering 597,000 people working at retail companies owned by private equity firms and hedge funds have lost their jobs. An estimated additional 728,000 indirect jobs have been lost at suppliers and local businesses, meaning Wall Street’s gamble on retail has led to more than 1.3 million job losses in total.
“Private equity and hedge funds now wield enormous influence over the American economy, often with terrible consequences for workers and communities,” said Lisa Donner, executive director of Americans for Financial Reform. “We need effective rules of the road to stop predatory practices by these Wall Street giants.”
Briefing on Stop Wall Street Looting Act of 2019 will be at 3pm ET. To join call RSVP to Kyra Sadovi, firstname.lastname@example.org and dial (800) 230-1096 and ask for “Private Equity Legislation” conference call.
Over 15 major public interest groups have signed on to support the Stop Wall Street Looting Act of 2019, which was introduced today in the House and Senate.
The Stop Wall Street Looting Act would curb the worst abuses of Wall Street private equity executives by making them liable for damage they cause, protecting the interests of workers, preventing looting of target companies, and improving transparency for investors.
Private equity owns over a million U.S. apartment units. Tenants pay a price when corporate landlords buy their buildings. In some cases, private equity buyers have pushed out lower-income tenants – through rent hikes, eviction threats, and more – to flip buildings into high-rent properties to sell for big profits.