By Adam Lewis, PitchBook

After years of operating with minimal government intervention, the US private equity industry could face new regulatory scrutiny in 2021 and beyond.

Democrats now control both chambers of Congress and the White House, giving progressive lawmakers who have long criticized the PE industry their best chance yet to enact significant change.

Chief among those lawmakers is Sen. Elizabeth Warren (D-Mass.), the primary force behind the Stop Wall Street Looting Act, a comprehensive bill first introduced in 2019. The proposed legislation never left committee in a Senate controlled by Republicans. But Warren is now set to reintroduce her effort to regulate an industry she has derided for debt-heavy deals that can lead to layoffs, bankruptcies and other woes while exposing firms to few risks.

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