FEDERALhearing transcript

Senate Hearing on Private Equity Impact on Economy and Communities

Original title: PROTECTING COMPANIES AND COMMUNITIES FROM PRIVATE EQUITY ABUSE

January 1, 2023

private equity economic policy Stop Wall Street Looting Act corporate regulation labor finance

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The Frame

What this does

This hearing serves as a formal record of testimony and evidence regarding proposed federal legislation, the 'Stop Wall Street Looting Act', which aims to change how firms operate and their legal liabilities toward the companies they acquire.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Private Equity Firms

The proposed 'Stop Wall Street Looting Act' would alter the regulatory environment and legal liabilities for these firms.

Employees of Private Equity-Owned Companies

Workers at companies acquired by private equity firms are subject to changes in management, employment terms, and company stability.

What changed

Last recorded activity January 1, 2023.

What's next

Next step not available in the current record.

Summary

The Senate Subcommittee on Economic Policy held a hearing on October 20, 2021, to examine the role and impact of firms on the U.S. economy and local communities. The session included testimony from economic experts, state officials, and workers regarding potential regulatory changes, specifically referencing the 'Stop Wall Street Looting Act'.

Key Facts

The hearing was held on October 20, 2021, by the Subcommittee on Economic Policy of the Senate Committee on Banking, Housing, and Urban Affairs.
The hearing focused on the 'Stop Wall Street Looting Act', with both supporting and opposing statements submitted for the record.
Witnesses included representatives from economic think tanks (Heritage Foundation, American Action Forum, Center for Economic and Policy Research), a state official (Illinois State Treasurer), and private sector employees.
The hearing format was hybrid, allowing for both in-person and virtual participation.
The subcommittee established a 5-minute time limit for witness opening statements and Senator questions.

Frequently Asked Questions

What is the purpose of this hearing?

The hearing was convened to examine the economic and community impacts of firms and to discuss potential legislative oversight.

What legislation was discussed?

The hearing specifically addressed the 'Stop Wall Street Looting Act', with various stakeholders submitting statements for and against the bill.

Why It Matters

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Legislative focus on private equity liability

The hearing highlights a concerted effort by specific Senate members to introduce legislation that would increase the legal accountability of private equity firms for the debts and actions of their portfolio companies.

Elizabeth Warren Stop Wall Street Looting Act

Connected Entities

personPeggy Malone“Witness, Registered Nurse at Crozer-Chester Medical Center”Map →

personJohn Kennedy“Ranking Republican Member of the Subcommittee”Map →

personElizabeth Warren“Chair of the Subcommittee on Economic Policy”Map →

personMichael Frerichs“Witness, Illinois State Treasurer”Map →

personShirley Smith“Witness, former employee at Art Van Furniture”Map →

personDavid R. Burton“Witness, Senior Fellow at The Heritage Foundation”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy75
Intensity of disagreement among stakeholders
Entertainment20
Compellingness for a non-policy-wonk reader
Buzz30
Current news / social attention level

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