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AP Photo/Manuel Balce Ceneta

House lawmakers yesterday approved a GOP-authored bill that would repeal many of the Wall Street regulations put in place after the financial crisis, on a mostly party-line vote. Among the provisions would be the effective elimination of a requirement that most private equity firms register their funds with the U.S. Securities and Exchange Commission.

Why it matters: Registration and subsequent examinations have resulted in numerous SEC findings of legal violations, requiring private equity firms to repay hundreds of millions of dollars to their investors ― including public pension systems, university endowments and charitable founders. In fact, an SEC official in 2014 said that the Agency had "identified what we believe are violations of law or material weaknesses in controls over 50% of the time."

  • Supporting: Private equity has lobbied hard against the registration requirement since it was first proposed, arguing that the industry does not pose the sort of systemic risk that Dodd-Frank was intended to curtail.
  • Opposing: The Institutional Limited Partner Association, which represents institutional investors with over $1 trillion in private assets.
  • Next: It's unlikely that Senate Republicans will take up the House bill, instead opting to write their own version of financial regulation reform via the Senate Banking Committee.

Go deeper

3 hours ago - Politics & Policy

Kellyanne Conway's parting power pointers

Kellyanne Conway addresses the 2020 Republican National Convention. Photo: Nicholas Kamm/AFP via Getty Images

Kellyanne Conway has seen power exercised as a pollster, campaign manager and senior counselor to President Trump. Now that his term in office has concluded, she shared her thoughts with Axios.

Why it matters: If there's a currency in this town, it's power, so we've asked several former Washington power brokers to share their best advice as a new administration and new Congress settle in.

4 hours ago - Politics & Policy

GOP holdouts press on with plans to crush Cheney

Screenshot of emails to a member of Congress from individuals who signed an Americans for Limited Government petition against Rep. Liz Cheney. Photo obtained by Axios

Pro-Trump holdouts in the House are forging ahead with an uphill campaign to oust Rep. Liz Cheney as head of the chamber's Republican caucus even though Minority Leader Kevin McCarthy told them to back down.

Why it matters: What happens next will be a test of McCarthy's party control and the sincerity of his opposition to the movement. Cheney (R-Wyo.) is seen as a potential leadership rival to the California Republican.

Democrats aim to punish House GOP for Capitol riot

Speaker Nancy Pelosi passes through a newly installed metal detector at the House floor entrance Thursday. Photo: Drew Angerer/Getty Images

House Democrats plan to take advantage of corporate efforts to cut funding for Republicans who opposed certifying the 2020 election results, with a plan to target vulnerable members in the pivotal 2022 midterms for their role in the Jan. 6 violence.

Why it matters: It's unclear whether the Democrats' strategy will manifest itself in ads or earned media in the targeted races or just be a stunt to raise money for themselves. But the Capitol violence will be central to the party's messaging as it seeks to maintain its narrow majorities in Congress.