1. United States
2. Wisc.
3. Letter

I am writing to urge your support for the recently reintroduced Stop Wall Street Looting Act. This crucial legislation, spearheaded by Senator Elizabeth Warren, addresses the urgent need to reform the private equity industry and protect workers, investors, and communities from predatory practices that have devastated local economies and healthcare systems. The recent bankruptcy of Steward Health Care, following a private equity takeover, exemplifies the dire consequences of unchecked private equity operations. This is not an isolated incident, but a symptom of a systemic problem that the Stop Wall Street Looting Act aims to solve. The bill would close loopholes and end incentives that currently allow private equity firms to pillage companies they acquire, often at the expense of workers and communities. Key provisions of this legislation include making private equity firms liable for the debts and obligations of companies under their control, effectively giving them "skin in the game." This accountability is essential to prevent the reckless extraction of assets from portfolio companies and to safeguard workers' pay and benefits. Additionally, the bill increases transparency for investors and places much-needed restrictions on private equity firms' access to public funds. Importantly, this act also addresses the concerning trend of Real Estate Investment Trusts (REITs) in healthcare, which has led to situations like the Steward Health Care property sale. By driving REITs out of healthcare, we can prevent the exploitation of vital community resources for short-term financial gain. The bipartisan support for this bill, including co-sponsors such as Senators Bernie Sanders and Tammy Baldwin, demonstrates the widespread recognition of this issue's importance. Moreover, numerous organizations focused on financial reform and workers' rights have endorsed this legislation, underscoring its potential to create meaningful change. I strongly believe that passing the Stop Wall Street Looting Act is critical for protecting our communities, preserving jobs, and ensuring the stability of our healthcare system. Please vote in favor of this bill and take a stand against predatory private equity practices that threaten the well-being of your constituents and our nation as a whole.