Among the 22 members of the House and Senate who reported investing in private equity last year, 10 were Republicans and 12 were Democrats. They ranked among the wealthiest members of Congress, an already elite club composed mostly of millionaires that has done little to get rid of the carried interest loophole, the quirk in federal tax law that allows a certain very select group of people—hedge fund and private equity managers—to collect their pay at a much lower tax rate than many Americans. According to money-in-politics watchdog OpenSecrets, the private equity industry spent $16.5 million lobbying Congress last year; all told, 415 of 435 members of the House and nearly every senator took money from the industry in the runup to the last election—including Congress’ five biggest private equity investors: READ MORE