Hawaii Reps Vote ‘No’ On GOP’s Dodd-Frank Exemption

By /
Hawaii’s U.S. representatives, Colleen Hanabusa and Tulsi Gabbard, were in the minority on a 254-159 vote to amend the Investment Advisers Act of 1940 “to provide a registration exemption for private equity fund advisers.”

In a statement, Hanabusa’s office said of the Republican-sponsored legislation, “Instead of improving the Dodd-Frank Wall Street and Consumer Protection Act, H.R. 1105 exempts the vast majority, if not all, of private equity investment advisors from registration and reporting requirements with the Securities and Exchange Commission that make the financial market more transparent and protect investors.”

“The ability to manage and monitor risks in all investment areas is crucial to ensuring that another 2008 financial crisis does not happen again, and I could not vote to create a loophole that would exempt almost all private equity firms from oversight, while weakening investor protections,” said Hanabusa.

The measure heads to the Senate, where its prospects of passage, according to Hanabusa’s office, are slim.

image

Photo: D.C. (Nouhailler)

—Chad Blair

What it means to support Civil Beat.

Supporting Civil Beat means you’re investing in a newsroom that can devote months to investigate corruption. It means we can cover vulnerable, overlooked communities because those stories matter. And, it means we serve you. And only you.

Donate today and help sustain the kind of journalism Hawaiʻi cannot afford to lose.

Donate

About the Author