Democratic lawmakers introduce 'Stop Wall Street Looting Act'

Democratic lawmakers introduce the 'Stop Wall Street Looting Act', aiming to reform the private equity industry. (Source: Gray DC)

WASHINGTON (Gray DC) -- Instead of reporting to work, dozens of former employees reported to Capitol Hill this afternoon. After losing their jobs to Wall Street, they say, they are rallying behind a brand new bill.

"There was no severance, no pension," said Trina Mcinerney, a former Shopko employee. "We got absolutely nothing, so we want to fight this."

The ‘Stop Wall Street Looting of American Businesses Act' aims to reform the financial industry. Lawmakers say, they want to hold private equity firms more accountable, specifically for debts and employee pensions.

Supporters of the bill say, if passed, it would protect workers of companies like Shopko and Toys 'R' Us, that went under after a private equity firm purchased them.

I’m hopeful," said Sen. Sherrod Brown. "I think this will be one of the main issues that separates the parties. I hope the republicans work with us. It's so important to protect pensions, communities, to protect workers.

The bill is partisan and has no republican support.



 
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