https://www.congress.gov/bill/117th-congress/house-bill/5648?s=1&r=8
Too late for us but write your congressman and all that...
3 replies (most recent on top)
Zero chance of passing because the big financial companies are big political donors, and Congress as a whole always, but always, caters to the donors.
Nice in spirit, but it won't work. There is nothing in there that would have stopped this deal from going down the way it did. Nor will it stop other fraudulent financial PE disasters.
A bill to fix the problem needs to regulate the lenders. They shouldn't be able to package practically unserviceable debt for sale to investors. Also, pensions, retirement plans, and public dollars shouldn't be allowed to purchase that debt.
Saying they can't pay a dividend doesn't help anything. Companies like this would simply overpay for one of the PE firms' other garbage companies like they had us do for Wrike. They can get the money out. You have to stop the debt dollars from flowing IN.
Nice. Hope it passes.