,,iv  #aacth ,,congress  #b;d ,session  
,h4 ,,res4 #gjb  ,,in ,,the ,,house ,,of
 ,,representatives  ,july #ca1 #bjad    
,mr4 ,conaway 7for himself1 ,mr4        
,pearce1 ,mr4 ,luetkemeyer1 ,mr4        
,southerland1 ,mr4 ,collins of ,new     
,york1 ,mr4 ,hudson1 ,mr4 ,barton1 ,mr4 
,hall1 ,mr4 ,thornberry1 ,mr4 ,sessions1
 ,mr4 ,stockman1 ,mr4 ,marchant1 ,mr4   
,mc,henry1 ,mr4 ,neugebauer1 ,mr4 ,hurt1
 ,mr4 ,carter1 ,mr4 ,farenthold1 ,mr4   
,austin ,scott of ,georgia1 ,mr4        
,garrett1 ,mr4 ,fincher1 ,mr4           
,westmoreland1 ,mr4 ,smith of ,texas1   
,mr4 ,mc,caul1 ,mr4 ,crawford1 ,mr4     
,rooney1 ,mr4 ,olson1 ,mr4 ,scalise1    
,mr4 ,gohmert1 ,mr4 ,stivers1 ,mr4      
,flores1 ,mr4 ,boustany1 ,mr4 ,barrow of
 ,georgia1 ,mr4 ,rokita1 and ,mr4       
,stutzman7 submitted the following      
resolution2 which was referred to the   
,committee on ,financial ,services      
,,resolution  ,affirming that private   
equity plays an important role in       
growing and strengthening ,united       

,states businesses throughout all       
sectors of the economy and in every     
,state and congressional district and   
that it has fostered significant        
investment in the ,united ,states       
economy4  ,whereas private equity and   
growth capital is an industry that      
partners with pensions1 foundations1 and
 endowments to invest over the long term
 in promising companies in need of a    
turnaround and poised for growth2       
,whereas private equity invested more   
than #dcc1jjj1jjj1jjj in ,united        
,states-based businesses last year and  
more than #d1ajj1jjj1jjj1jjj over the   
past #aj years2 ,whereas the cornerstone
 of the private equity business model is
 growing and strengthening companies    
over the long term to create stronger   
businesses and return value to          
investors2 ,whereas the private equity  
partnerships help bring together        
management expertise with investment    
capital2 ,whereas low taxes on long-term
 capital gains is a fundamental part of 

fostering long-term investment in the   
,united ,states1 and private equity     
relies on long-term capital gains to    
incentivize investment2 ,whereas private
 equity funds invest in a diverse set of
 industries and sectors of the ,united  
,states economy1 including              
manufacturing1 health care1 information 
technology1 business services1 energy1  
and others2 ,whereas private equity     
investment drives economic growth       
throughout the ,nation and helps ,united
 ,states businesses compete globally2   
,whereas #ag1gjj private equity-owned   
businesses are based in the ,united     
,states and employ more than #g1ejj1jjj 
people worldwide2 ,whereas most private 
equity investment spans between #c and  
#g years2 ,whereas public pension funds'
 median #aj-year annualized returns on  
investments in private equity outperform
 all other asset classes1 including     
public equity1 real estate1 and fixed   
income2 ,whereas policymakers should    
treat all similarly situated            

partnerships1 such as private equity1   
venture capital1 and real estate1       
equally2 ,whereas tax policy should     
incentivize capital access1 investment1 
and innovation2 ,whereas appropriately  
taxing capital gains is fundamental to  
many business partnerships1 including   
private equity partnerships2 ,whereas   
the key criterion for capital gains     
treatment is if the taxpayer has made an
 entrepreneurial investment of capital1 
expertise1 or both in a capital asset2  
,whereas private equity general partners
 develop business plans1 hire and manage
 senior corporate executives1 and       
participate in the ongoing corporate    
governance for the firms their funds    
invest in2 ,whereas the gains of a      
private equity fund are a direct result 
of the significant expertise invested by
 the general partners and these gains   
have always been appropriately taxed as 
capital gains for all partners2 ,whereas
 characterizing a carried interest as   
ordinary income will discourage the     

formation of private equity partnerships
 and reduce the entrepreneurial         
risk-taking necessary to build          
businesses2 and ,whereas private equity 
firms are essential to a healthy1       
growing ,united ,states economy and     
private equity investments can unlock   
economic value1 transform industries1   
and put the ,nation back to work3 ,now1 
therefore1 be it  ,that the ,house of   
,representatives affirms that private   
equity plays an important role in       
growing and strengthening ,united       
,states businesses throughout all       
sectors of the economy and in every     
,state and congressional district and   
that it has fostered significant        
investment in the ,united ,states       
economy4