1. United States
2. N.Y.
3. Letter

I urge you to support Senator Elizabeth Warren's Stop Wall Street Looting Act. This legislation aims to rein in the harmful practices of private equity firms that prioritize profits over people. The recent crisis at Steward Health Care exemplifies how these firms load companies with debt, extract wealth through tactics like sale-leaseback deals, and ultimately drive businesses into bankruptcy - all while enriching themselves at the expense of workers, communities, and even patient safety. The bill would hold private equity firms accountable for the debt of companies under their control, restrict dividend payments that bleed acquired businesses dry, and prevent the abuse of bankruptcy proceedings to shield firms from paying debts. With private equity's growing reach into sectors like healthcare, reining in their exploitative business model is crucial to protecting vital services and public welfare. The Stop Wall Street Looting Act represents an opportunity to prioritize people over profits and prevent the corporate plundering that has devastated companies like Steward. I urge you to support this legislation and take decisive action to curb the predatory practices of private equity firms that put communities at risk.