New York Assembly District 50
Assemblymember Emily Gallagher wrote and introduced the LLC Transparency Act. This legislation would shed light on the anonymous shell companies doing business in New York -- many of whom are private equity firms, developers, contractors, landlords, and sometimes even foreign governments.
If enacted, LLC transparency would allow the mask to be pulled off of private equity firms which use LLCs as fronts when they buy up swaths of neighborhoods; it would allow the government to verify the identities of contractors applying for bids or subsidies, to ensure that there are no conflicts of interest; it would prevent campaign finance violations facilitated by LLCs; and it would give law enforcement more information to identify and prosecute financial crimes and tax avoidance.
From Assemblymember Emily Gallagher:
"Much of what's been called inflation over the past two years has been nothing more than old fashioned price gouging by some of the biggest corporate monopolies in history. And their outsized influence in politics and policymaking has made the task of confronting their corrupting power and bringing relief to workers, consumers and communities all the more difficult. That's why I am so excited to join the Fight Corporate Monopolies Task Force, a national network of legislators committed to transparency, accountability and economic democracy. The ruling class is organized and relentless: we need to be, too."