During debate on a measure which would exempt private equity firms from the disclosure rules of Dodd-Frank, Representative Jeb Hensarling (R-TX) argued that the rule was too burdensome for “smaller” firms and would result in them not being able to create new jobs.
Hensarling argued, “It really comes down to us again. Are there going to be additional protections for multimillionaire investors or protections and opportunities for unemployed, single moms trying to make ends meet? Our side of the aisle said, ‘Let’s help the single mom.'”
This had to sound hypocritical even to the mind of a TEA party politician. Does anyone truly believe that these private equity firms have the single mother in mind as they make their multimillion dollar deals? Does Representative Hensarling believe it himself?
Representative Stephen Lynch (D-ME) doesn’t believe it either.
“The other scenario that’s been said here is somehow by allowing private equity firms the right to keep secret — to refuse to disclose that their employees have been prosecuted for violating securities laws, by allowing that to remain undisclosed, that’s going to help some single mom go to work. I don’t think that is a rational assumption,” Lynch said.
The measure passed on a party line vote however it is not likely to even be taken up by the Senate this late in the year and when and if it is it is unlikely to gain any traction there.
Watch Hensarling in the video below.