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Welcome to State of the Day,
Wall Street’s favorite monsters have some very powerful friends in the Beltway…
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The Swamp’s Favorite Wall Street Monsters
Private equity, the industry built around buying businesses, restructuring them, and selling them for a profit, has got lawmakers on the Hill antsy again.
But don’t get your hopes up.
These firms — the closest thing to real-life monsters on Wall Street — have massive impacts on the businesses they swallow up. For decades, critics have argued firms are more interested in squeezing every last dollar out of a company, leaving things like long-term viability, customer satisfaction, and cultural significance on the back burner.
Now, a few starry-eyed lawmakers want to put the brakes on the profit machine.
Congress did pass a bipartisan housing law this year that restricts these types of firms from buying up single-family homes. But hidden in the fine print is a parting gift: institutional investors get to keep the homes they’ve already bought.
Sen. Elizabeth Warren also reintroduced her Stop Wall Street Looting Act, which would make private equity firms responsible for certain debts and liabilities of the businesses they take over. She’s even teamed up with Republican Sen. Josh Hawley on a separate bill targeting consolidation in health care.
But hold your horses. Before you get excited that Washington might actually be fixing a problem for once, let’s look at their track record with these guys.