House Passes Bill to Loosen Private Equity Regulations
On Wednesday, December 4, 2013, the House of Representatives passed a bill to weaken another section of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill, titled the "Small Business Capital Access and Job Preservation Act," would exempt most private equity firms from a requirement in Dodd-Frank that fund managers register with the U.S. Securities and Exchange Commission and disclose information that would help the government monitor systemic risk.
Like other bills reversing parts of Dodd-Frank that have been taken up by the House recently (e.g. H.R. 992), this bill has the support of nearly all House Republicans, but splits House Democrats.
Data: MapLight analysis of campaign contributions to members of the House of Representatives from interest groups supporting and opposing H.R. 1105, from January 1, 2011—December 31, 2012. Data source: OpenSecrets.org
- House Democrats voting YES have received, on average, 62 percent more money from interests supporting the bill than House Democrats voting NO.
- House Democrats voting YES have received, on average, 135 percent more money from private equity and investment firms than House Democrats voting NO.
- Overall, organizations supporting the bill (including the Private Equity Growth Capital Council and the U.S. Chamber of Commerce) have given 20 times more money to members of the House than interest groups opposed to the bill (including the AFL-CIO).
- Co-sponsors of the bill have received, on average, more than 2 times the amount of money in campaign contributions from private equity groups and other supporting interests than members of the House not co-sponsoring the bill.
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John Boehner photo: Gage Skidmore/Flickr