The House on Friday passed a bill that would lift some reporting requirements for private equity firms, part of Majority Leader Kevin McCarthy (R-Calif.)’s initiative to support small business innovation, MorningConsult.com reported. Lawmakers passed H.R. 5424 in a 261-145 vote, attracting support from 35 Democrats, even though the White House issued a veto threat. “The exemptions that this bill provides would enable private fund advisers to slip back into the shadows. H.R.5424 unnecessarily puts working and middle-class families at risk while benefitting Wall Street and other narrow special interests,” the White House said in a statement on Tuesday. Industry groups praised the bill’s passage, saying that the legislation would provide regulatory relief to private equity investors and boost the economy.
