Private equity firms are lobbying politicians in Washington as their industry’s far-reaching role in the US economy draws fire from constituencies as diverse as unions, prison reform advocates, Hollywood screenwriters — and Taylor Swift.

Congressional hearings held this week ended a long period in which “there hasn’t been a substantial degree of political scrutiny of the private equity industry, besides that around [Bain Capital founder] Mitt Romney in 2012,” said Jim Baker, leader of the Private Equity Stakeholder Project, a pressure group targeting the industry.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.