The Wall Street Journal reports that wealthy families who operate investment funds are lobbying to avert potential regulation as Congress looks to reign in private investment activity.
The legislation would require more transparency from hedge funds and private-equity funds and would place regulations on single-family offices, which are the private investment accounts of some of the wealthiest U.S. families.
About 50 family investment funds have banded together, hiring lobbyists to press lawmakers that they should be exempt from the new rules. The campaign will emphasize that the funds pose no real risk to the economy because the funds are aimed at maintaining wealth.
The families are working with the Private Investor Coalition, which under lobbying rules is not required to disclose the names of those funding the effort.
Lobbyist Thomas Quinn, a Democratic fundraiser and former Joe Biden aide, will make $60,000 a month representing the families' interests. Earlier this year, The Hill named Quinn, a general partner at firm Venable LLP, one of the top lobbyists in Washington:
No top lobbyist list would be complete without Quinn. He's also one of the best people in town to have lunch with, even if ethics rules prevent him from buying.