Private equity on defense in Washington

What's believed to be the first congressional hearing in recent years squarely focused on the practices of private equity firms is happening later this morning.

Why it matters: Private equity is facing "the most serious political challenge it has seen in years," per the WSJ.

What they're saying: Drew Maloney, the head of the American Investment Council, private equity’s largest lobbying group, will tell members of the House Financial Committee the industry "creates jobs, powers the economy and strengthens the retirements of millions of Americans."

• Former Toys "R" Us employee Giovanna de La Rosa will also testify about KKR and Bain Capital — the PE firms that owned the store prior to its bankruptcy.

Go deeper:

• How private equity is fueled by public pension plans
• The rockstar allure of private money
• Private equity takeovers result in significant job losses