Private Equity Council issues statement on Administration’s financial regulatory proposal
WASHINGTON, DC, JUNE 17, 2009 – The Private Equity Council today issued the following statement on the Obama Administration proposal for overhauling regulation of the nation’s financial system. The statement should be attributed to Douglas Lowenstein, President of the Private Equity Council.
“The goals of financial regulatory reform should be to restore confidence in financial markets generally and the credit markets in particular, and to protect our financial system from the kind of meltdown that has devastated the global economy. We believe that the Obama Administration has crafted a plan that can accomplish these objectives.
“The plan calls for private equity firms to register as investment advisers with the Securities and Exchange Commission. We support this proposal, even though it will result in new regulatory oversight for many private equity firms.
“While we and most experts agree that private equity firms do not create systemic risk, we also support the concept of data collection from market participants and we look forward to reviewing more detailed proposals as the legislative process unfolds.”
About the Private Equity Council
The Private Equity Council, based in Washington, DC, is an advocacy, communications and research organization and resource center established to develop, analyze and distribute information about the private equity industry and its contributions to the national and global economy. PEC members are: Apax Partners; Apollo Global Management LLC; Bain Capital Partners; The Blackstone Group; The Carlyle Group; Hellman and Friedman LLC; Kohlberg Kravis Roberts & Co.; Madison Dearborn Partners; Permira; Providence Equity Partners; Silver Lake; and TPG Capital (formerly Texas Pacific Group).
