Sen. Ed Markey's ambitious new effort to crack down on private equity ownership in health care faces a long and difficult road to passage, Peter reports.

Why it matters: It's the most obvious sign of congressional interest in tightening oversight of private equity firms in areas like hospital ownership and emergency care.

• But the way the bill would create federal powers to halt deals is controversial.

Between the lines: Markey's effort is still in the early stages, and he says he's gathering feedback on a discussion draft that went out last week.

• It includes a slew of new transparency requirements for health care entities owned by private equity.
• Notably, it also would require private equity firms to get a license before investing in health care entities, giving HHS significant power to halt transactions.

Reality check: Although it's still early, that kind of major new federal government power over business transactions is likely to raise red flags for Republicans.

• The office of Senate HELP Committee Ranking Member Bill Cassidy said it's reviewing Markey's legislation but declined to comment on it.
• Markey's bill draws in part from a House measure from Rep. Pramila Jayapal, the Healthcare Ownership Transparency Act, which does not have any Republican cosponsors.
• A spokesperson for Senate HELP Chair Bernie Sanders didn't respond when asked whether Sanders has a position on the bill or if the committee plans hearings or a markup.

The private equity industry is expected to vigorously fight back. The American Investment Council told Axios last week that "headline-seeking politicians continue to place misguided blame on our industry instead of pursuing sound policymaking to address systemic challenges head-on."

Yes, but: There is some Republican interest in private equity's role, mainly around investigations.

• Sen. Mike Braun and Rep. Don Bacon joined Markey last month in investigating whether private equity is potentially limiting access to methadone in opioid treatment programs.
• Sen. Chuck Grassley, the ranking member of the Senate Budget Committee, joined Chair Sheldon Whitehouse in December in investigating private equity ownership of hospitals.
• Senate Homeland Security Committee Chair Gary Peters is also investigating the sector's involvement in emergency room care, though no Republican is on board right now.

What's next: Markey says he is still gathering input on the discussion draft, which grew out of the private equity–linked financial crisis of Steward Health Care hospitals in Massachusetts.

The Republican Steering Committee is widely expected to select veteran Rep. Tom Cole as the next House Appropriations chair tonight, succeeding retiring Rep. Kay Granger.

Why it matters: Cole is a longtime advocate of increased NIH funding and has a history of working across party lines, Victoria reports.

Zoom in: Cole was previously chair of the Labor-HHS subcommittee, where he oversaw a large bump in funding for the NIH for the first time in 12 years.

• He served as the top Republican on that subcommittee for six years.
• His support of biomedical research is influenced by his father's battle with Alzheimer's disease and his wife's struggles with multiple sclerosis.

Between the lines: It was expected that current Labor-HHS cardinal Robert Aderholt was going to run for the top appropriations spot, but to date he has not formally announced.

• Aderholt voted against this year's second minibus, citing concerns with numerous earmarks senators added to the Labor-HHS title that he said funded projects "directed toward services for illegal immigrants and facilities providing routine abortion services."
• Aderholt had also called for delaying the Steering Committee meeting, but the request didn't go anywhere.
• Cole has the support of the majority of the other appropriations cardinals and he's also close to many of the Steering Committee members.

What's next: After the Steering Committee recommends a candidate for the role of Appropriations chair, that name goes to the full Republican conference for a vote.