The Biden administration has an aggressive agenda to stimulate the economy amid the COVID-19 pandemic, and it has reached out to Republicans seeking bipartisan support.
Unfortunately, a number of newly empowered senators seem to think it is more important to crack down on the private equity industry. The new chairmen of the Senate Banking Committee and the Senate Finance Committee are planning hearings and legislation aimed at private equity. Sen. Elizabeth Warren is also set to reintroduce sweeping legislation to rein in this important area of the economy. Sen. Sherrod Brown, an Ohio Democrat, is the new chairman of the Senate Banking Committee, and he has already pledged to increase oversight of the industry, hold hearings, and produce legislation. Democratic Sen. Ron Wyden is the new chairman of the Senate Finance Committee, and he, too, has pledged to hold hearings and enact legislation scaling back tax deductions for the industry.
