Bill Would Rein in Wall Street Excess That Hurts Workers


The Teamsters are supporting legislation that would curb private equity and hedge funds’ best efforts to crush companies and kill jobs all to enhance their own profits, and found a sympathetic ear from many members of the House Financial Services Committee at a hearing this week.

The bill – H.R. 3848, the Stop Wall Street Looting Act – recognizes that millions of jobs are at stake. As it stands, the investor class frequently acquires businesses, loads them up with debt and then drains their accounts all to further enrich themselves.  The measure offered by Rep. Mark Pocan (D-Wisc.) is designed to address the worst features of the private equity business model.

To that end, the legislation would:

Wall Street elites shouldn’t be let off the hook just because they are rich. Hardworking Americans who toil each day to support their families can’t just be allowed to be causalities of this war by the wealthy. It’s time to rein in such morally bankrupt behavior by hold financiers accountable.