PE council spends $660K on lobbying

The Washington, D.C.-based Private Equity Council, whose members include Bain Capital, The Carlyle Group, Blackstone Group and others, spent $660,000 to lobby the federal government in the first half of 2007, according to a report by the Associated Press, citing a recent disclosure form.

The PE group, which was formed late last year, lobbied on legislation dealing with the carried interest debate. The issue of raising taxes on investment profits earned by private equity and hedge fund managers from 15% to as much as 35% gained national attention this summer after Blackstone went public in a $4 billion offering.

In addition to the U.S. Congress, the council lobbied the Treasury Department and the White House.

Under a federal law enacted in 1995, lobbyists are required to disclose activities that could influence members of the executive and legislative branches. They must register with Congress within 45 days of being hired or engaging in lobbying.