,,iv  #aac? ,,congress  #b;d ,session   
,h4 ,,res4 #gjb  ,,9 ,,! ,,h\se ,,(     
,,repres5tatives  ,july #ca1 #bjad ,mr4 
,conaway 7= himself1 ,mr4 ,pe>ce1 ,mr4  
,luetkemey]1 ,mr4 ,s\!rl&1 ,mr4 ,coll9s 
( ,new ,york1 ,mr4 ,hudson1 ,mr4 ,b>ton1
 ,mr4 ,hall1 ,mr4 ,?ornb]ry1 ,mr4       
,sessions1 ,mr4 ,/ockman1 ,mr4 ,m>*ant1 
,mr4 ,mc,henry1 ,mr4 ,neugebau]1 ,mr4   
,hurt1 ,mr4 ,c>t]1 ,mr4 ,f>5?old1 ,mr4  
,au/9 ,scott ( ,georgia1 ,mr4 ,g>rett1  
,mr4 ,f9*]1 ,mr4 ,we/morel&1 ,mr4 ,smi? 
( ,texas1 ,mr4 ,mc,caul1 ,mr4 ,craw=d1  
,mr4 ,rooney1 ,mr4 ,olson1 ,mr4         
,scalise1 ,mr4 ,gohm]t1 ,mr4 ,/iv]s1    
,mr4 ,flores1 ,mr4 ,b\/any1 ,mr4 ,b>r[ (
 ,georgia1 ,mr4 ,rokita1 & ,mr4         
,/utzman7 submitt$ ! foll[+ resolution2 
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,,resolution        
,affirm+ t private equity plays an      
important role 9 gr[+ & /r5g!n+ ,unit$  
,/ates bus9esses ?r\gh\t all sectors ( !
 economy & 9 e ,/ate & congressional    
di/rict & t x has fo/]$ significant     

inve/m5t 9 ! ,unit$ ,/ates economy4     
,:]eas private equity & gr[? capital is 
an indu/ry t p>tn]s ) p5sions1          
f\ndations1 & end[m5ts to inve/ ov] !   
long t]m 9 promis+ companies 9 ne$ ( a  
turn>\nd & pois$ = gr[?2 ,:]eas private 
equity inve/$ m ?an #dcc1jjj1jjj1jjj 9  
,unit$ ,/ates-bas$ bus9esses la/ ye> & m
 ?an #d1ajj1jjj1jjj1jjj ov] ! pa/ #aj   
ye>s2 ,:]eas ! corn]/one ( ! private    
equity bus9ess model is gr[+ & /r5g!n+  
companies ov] ! long t]m to create      
/rong] bus9esses & return value to      
inve/ors2 ,:]eas ! private equity       
p>tn]%ips help br+ toge!r managem5t     
exp]tise ) inve/m5t capital2 ,:]eas l[  
taxes on long-t]m capital ga9s is a     
fundam5tal "p ( fo/]+ long-t]m inve/m5t 
9 ! ,unit$ ,/ates1 & private equity     
relies on long-t]m capital ga9s to      
inc5tivize inve/m5t2 ,:]eas private     
equity funds inve/ 9 a div]se set (     
indu/ries & sectors ( ! ,unit$ ,/ates   
economy1 includ+ manufactur+1 heal? c>e1
 in=mation te*nology1 bus9ess s]vices1  

en]gy1 & o!rs2 ,:]eas private equity    
inve/m5t drives economic gr[? ?r\gh\t ! 
,nation & helps ,unit$ ,/ates bus9esses 
compete globally2 ,:]eas #ag1gjj private
 equity-own$ bus9esses are bas$ 9 !     
,unit$ ,/ates & employ m ?an #g1ejj1jjj 
p worldwide2 ,:]eas mo/ private equity  
inve/m5t spans betwe5 #c & #g ye>s2     
,:]eas public p5sion funds' m$ian       
#aj-ye> annualiz$ returns on inve/m5ts 9
 private equity outp]=m all o!r asset   
classes1 includ+ public equity1 real    
e/ate1 & fix$ income2 ,:]eas policymak]s
 %\ld treat all simil>ly situat$        
p>tn]%ips1 su* z private equity1 v5ture 
capital1 & real e/ate1 equally2 ,:]eas  
tax policy %\ld inc5tivize capital      
access1 inve/m5t1 & innovation2 ,:]eas  
appropriately tax+ capital ga9s is      
fundam5tal to _m bus9ess p>tn]%ips1     
includ+ private equity p>tn]%ips2 ,:]eas
 ! key crit]ion = capital ga9s treatm5t 
is if ! taxpay] has made an             
entrepr5eurial inve/m5t ( capital1      
exp]tise1 or bo? 9 a capital asset2     

,:]eas private equity g5]al p>tn]s      
develop bus9ess plans1 hire & manage    
s5ior corporate executives1 & p>ticipate
 9 ! ongo+ corporate gov]nance = ! firms
 _! funds inve/ 92 ,:]eas ! ga9s ( a    
private equity fund are a direct result 
( ! significant exp]tise inve/$ by !    
g5]al p>tn]s & ^! ga9s h always be5     
appropriately tax$ z capital ga9s = all 
p>tn]s2 ,:]eas *>act]iz+ a c>ri$ int]e/ 
z ord9>y income w disc\rage ! =mation ( 
private equity p>tn]%ips & r$uce !      
entrepr5eurial risk-tak+ necess>y to    
build bus9esses2 & ,:]eas private equity
 firms are ess5tial to a heal?y1 gr[+   
,unit$ ,/ates economy & private equity  
inve/m5ts c unlock economic value1      
trans=m indu/ries1 & put ! ,nation back 
to "w3 ,n[1 !re=e1 be x  ,t ! ,h\se (   
,repres5tatives affirms t private equity
 plays an important role 9 gr[+ &       
/r5g!n+ ,unit$ ,/ates bus9esses ?r\gh\t 
all sectors ( ! economy & 9 e ,/ate &   
congressional di/rict & t x has fo/]$   
significant inve/m5t 9 ! ,unit$ ,/ates  

economy4