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ACG Shares Middle-Market Private Equity Perspectives with House Financial Services Committee
June 9, 2015: CHICAGO – The Association for Corporate Growth (ACG), a global organization with 14,500 members, and representing over 1000 middle-market private capital providers, sent a letter to House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and the Ranking Member, Maxine Waters, D-Calif., thanking them for holding a series of hearings to assess the efficacy of Dodd-Frank, five years after its momentous passage.
"ACG believes that examining the effects of Dodd-Frank is critical to understanding its impact on the economy and the middle market," said Gary A. LaBranche, FASAE, CAE, president & CEO of ACG. "One of the results of Dodd-Frank is the mandate that middle-market private equity firms are now required to register as an investment adviser under the Investment Adviser Act of 1940, an act created 75 years ago that does not fit the private equity business model. This has resulted in significant regulatory burdens for small and mid-sized private equity firms who provided over 760,000 new jobs across America. The regulations, accompanied with high costs, have provided minimal benefit to the public or investors. Moreover, because private equity firms do not contribute to systemic risk, there has been no increase in the stability of the financial system."
Today, the House Financial Services Committee will hold an initial hearing titled: "Dodd-Frank Five Years Later: Are We More Stable?" The second hearing is planned for July 28 and will be entitled: "Dodd-Frank Five Years Later: Are We More Prosperous? A third hearing will be scheduled for a later date and will be entitled: "Dodd-Frank Five Years Later: Are We More Free?"
To find out more information about how private equity helps your local economy, please visit www.GrowthEconomy.org.
Contact: Amber Landis, Vice President, Public Policy
Telephone: 312-957-4272
Mobile: 231-740-5194
Email: alandis@acg.org
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About Association for Corporate Growth
Founded in 1954, ACG has 59 chapters across the globe. ACG’s worldwide network comprises 90,000 professionals within the middle market, including 14,500 members who serve as the investors, lenders, owners, executives and advisers to growing middle-market companies. ACG’s mission is to drive middle-market growth.
Jul 09 2015