Congress yesterday voted to gut oversight regulations on private equity, and in the process displayed remarkable ignorance.
FORTUNE -- The U.S. House of Representatives yesterday voted to gut the only real piece of private equity regulation contained in Dodd-Frank: A requirement that firms with more than $150 million in assets under management register as investment advisors with the SEC. Technically a bipartisan vote of 254-159, with 36 Democrats joining 218 Republicans.
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