Wall Street billionaires have wreaked havoc in our communities. Our economy is broken, and it’s essential workers and their families who pay the price. For our country to thrive, our laws must prioritize the workers that make this country run, not corporate billionaires — that’s why, as your constituent, I’m asking you to support the Stop Wall Street Looting Act.
In the last few decades, private equity firms have been driving economic inequality, distorting our democracy, destroying over a million retail and related jobs, destabilizing local communities and threatening our families’ livelihoods. 10 out of the 14 largest retail chain bankruptcies since 2012 have occurred at private equity-acquired chains, destroying retail jobs in every corner of the U.S.
Private equity firms are buying up a greater share of our economy and concentrating wealth in the hands of a few. When they drive our companies under, they leave us with nothing. This is why we need to regulate these firms from the start, and discourage their risky behaviors. From Toys R Us to Art Van, to Gymboree, to Payless and many others, leveraged buyouts are destroying America's iconic companies, as Wall Street executives get large payouts while destroying our livelihoods. If we are serious about bringing economic justice to working families, we must put an end to Wall Street’s predatory practices.
Will you support the Stop Wall Street Looting Act? You can do so by co-sponsoring the bill and posting it in your relevant committee. Thanks!
▶ First sent on October 6, 2022 by Jess Craven