Norma Torres: “This is a final amendment to the bill, which will not kill the bill or send it back to committee. If adopted, the bill…”

“This is a final amendment to the bill, which will not kill the bill or send it back to committee. If adopted, the bill will immediately proceed to final passage, as amended. Mr. Speaker, a June 26 New York Times article revealed some of the troubling consequences of private equity firms taking over local emergency services. According to the article, since the 2008 financial crisis, private equity firms are investing in growing numbers in emergency services companies, sometimes with disastrous results. The piece found cases where emergency response times were so slow, personnel even had time for a cigarette break before arriving to the scene. Some emergency services companies also reported mismanagement, specifically, that their parent companies are not able to pay their salaries or restock ambulances with critical medical supplies. My amendment will make sure that there is accountability and transparency when private equity firms invest in emergency services. My amendment will not prohibit private equity funds from investing in these services or place any restrictions on how they choose to invest, nor will it deny the fact that private equity has and can play an important role in investing in companies in communities across our country. It would simply provide reassurance to our constituents that when they call 911, their lives won't be put at risk because their local fire or ambulance service wants to turn a profit.…”