I know that the Dems for the most part have not been great pushers of reform but this is silly
Republican logic at it's finest:
But House Financial Services Committee Chairman Jeb Hensarling (R-Texas) argued that it is too burdensome for many such private equity firms to satisfy the rather complex filing requirements and that some would quit the business of raising money and investing in companies if they had to comply. That would mean less capital going to create new companies and jobs, said Hensarling during the House floor debate before the vote Wednesday.
Further, Hensarling argued, the deep-pocketed investors in such private funds are sophisticated and thus don't need extra protection from the SEC.
"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?" he said, implying that private equity funds create jobs for such women. "Our side of the aisle said, 'Let's help the single mom.'"