As Democrats prepare to take control of the Senate in January, progressive senators are pushing for tougher restrictions on private equity in areas like health care, housing, and workers’ retirement plans. Winning over Chuck Schumer, who is expected to return as majority leader, could prove difficult: the industry has hired former policy chiefs and political aides from his orbit to press its interests in Washington.
The former Schumer staffers are now working on some of the industry’s most significant policy fights in Washington. Two of Schumer’s former legislative directors are lobbying for a private equity trade association on expanding private investments in workers’ 401(k) plans. His former health policy adviser now represents Apollo Global Management on hospital management issues. Blackstone’s government relations staff includes a former Schumer campaign aide as well as the senator’s son-in-law.
Federal lobbying disclosures indicate the chambers of Congress and federal agencies lobbied, but do not name the individual lawmakers or congressional offices that were contacted. The filings therefore do not show whether Schumer’s former aides have lobbied him or his staff on behalf of their private equity clients.
The industry’s connections to Schumer could complicate efforts by progressive lawmakers to win support or floor time for their legislation. Schumer has backed some narrower measures targeting private investors, including a bill to give public agencies and nonprofits priority in buying distressed mortgages. But he has not cosponsored any of four private equity reform bills championed by the American Economic Liberties Project, an advocacy group that researches corporate concentration and pushes for stronger antitrust enforcement and restrictions on private equity. The proposals would strengthen scrutiny of corporate housing purchases, impose penalties for abuses in health care, require greater transparency and safeguards for investor-owned health care providers, and make investment firms responsible for liabilities at companies they control.
Laurel Kilgour, the group’s research manager, told Sludge, “anyone who is serious about taking on private equity” should endorse those measures, which include Elizabeth Warren’s sweeping Stop Wall Street Looting Act. “Schumer is on none of those,” Kilgour said.
Schumer’s office did not respond to questions about his ties to the industry or his positions on private equity legislation.
Lobbying to Put Private Equity in 401(k)s
For fifteen years, Heather McHugh and Meghan Taira successively held one of the most important policy jobs in Schumer’s office. McHugh served as Schumer’s legislative director from 2010 to 2013, while Taira held the position from 2013 to 2025.
Now, both work on the American Investment Council’s lobbying team at Resolution Public Affairs. The trade group represents the private equity industry, which has been pressing Washington to make it easier for investment managers to sell private assets through workplace retirement plans. The group’s members include Blackstone, Apollo Global Management, KKR, Carlyle, and Bain Capital.
Resolution’s disclosure for the third quarter of 2026 lists both among the lobbyists working to influence members of the Senate and House on the “Inclusion of private assets in 401(k) plans, generally.” The firm also reported lobbying on private equity and credit regulation and legislation affecting investor ownership of homes.
Both McHugh and Taira also lobby for BlackRock Funds Services Group and the Investment Company Institute, according to third-quarter disclosures. The Investment Company Institute is a trade association for the investment fund industry whose members include BlackRock, Vanguard, Fidelity, Apollo Global Management, and Brookfield Asset Management.
Private equity firms have been pushing for regulatory changes that would make it easier for employer retirement plans to include their investments. The industry would gain both a larger pool of money to invest and the fees it charges to manage the investments, plus a share of fund profits. Some progressive lawmakers and groups warn that the push could expose workers’ retirement savings to high fees and risky assets.
