Political Quotes

“Mr. Speaker, I thank the gentleman for yielding. I cosponsored this bill because private equity makes considerable investment in Illinois and, specifically, in my district. Nationwide, many businesses are backed by private equity and are a key driving force behind our economy, making critical national and local economic contributions. These businesses support 11 million jobs nationwide. This bill is about applying the provisions of the Investment Advisers Modernization Act that make sense for the private equity business model. That business model involves making long-term investments in companies that a fund intends to turn around or grow over a period of years. This bill, from the very beginning, was an effort to apply those requirements in a way that makes sense, and it is the culmination of a great deal of bipartisan work. Working across the aisle, I have worked with Congressman Hurt of Virginia to remove the provisions that my colleagues on my side of the aisle have indicated are the most troubling to them. Together, we worked on two amendments. The amendment passed in committee resulted in more than half of the Democrats on the committee supporting the bill. Today I will be offering an amendment that will address two concerns that have been most prominently expressed by Democrats and advocates through the amendment I will be proposing and answers their main objections. First, the amendment will address concerns over transparency into the fund's policies.…”