Senate Majority Chief Chuck Schumer’s son-in-law has been employed by high personal fairness agency Blackstone — the most recent member of the family to land a profitable gig with an industrial big that's topic to authorities regulation.
Michael Shapiro, the Princeton- and Yale-educated lawyer who most not too long ago labored for the Biden administration as deputy assistant secretary for financial coverage on the Division of Transportation, has been employed as director for presidency affairs by the Wall Road agency.
Blackstone, which is run by billionaire businessman Stephen Schwarzman, has $880 billion in property underneath its administration.
Shapiro’s portfolio at Blackstone offers with infrastructure investments and tasks.
“Mr. Shapiro is a extremely proficient particular person with deep expertise in each personal fairness infrastructure investing and public coverage, and we're happy to have him be a part of our group,” Blackstone spokesperson Matt Anderson. “He is not going to be concerned in any advocacy earlier than the Majority Chief or his workplace associated to Blackstone enterprise.”
Schumer’s workplace didn't touch upon his son-in-law’s new gig when reached by The Publish.
The corporate mentioned Shapiro just isn't a registered lobbyist like his spouse, Jessica Schumer, whom he married in 2016. The 2 met in January 2011 once they had been each working on the White Home in then-President Barack Obama’s Nationwide Financial Council, in response to The New York Instances.
He went on to work for Hillary Clinton within the 2016 presidential marketing campaign.
Jessica Schumer is a registered lobbyist for Amazon whereas her sister, Alison Schumer, works as a product advertising and marketing supervisor at Fb.
The Schumer youngsters’s ties to Massive Tech have fueled some considerations the Senate Majority Chief has an inherent battle of curiosity relating to regulating highly effective firms.
The New York Democrat has been accused of transferring too slowly in bringing to the ground a vote on antitrust laws that goals to restrict the ability of firms corresponding to Amazon, Fb, Apple, and Google.
Throughout a latest sitdown with Democratic Get together donors, Schumer mentioned that a invoice co-sponsored by Sen. Amy Klobuchar (D-Minn.) and Sen. Chuck Grassley (R-Iowa) doesn’t have sufficient votes to cross.
“Sen. Schumer is working with Sen. Klobuchar and different supporters to assemble the wanted votes and plans to carry it up for a vote,” Angelo Roefaro, a spokesperson for the Senate Majority Chief, advised The Publish.
Blackstone and different personal fairness firms have been focused by Schumer’s extra progressive colleagues in Congress for tighter oversight.
Final 12 months, Sen. Elizabeth Warren (D-Mass.) authored the “Cease Wall Road Looting Act,” which might bar personal fairness corporations from forcing firms they purchase to tackle extra debt with a purpose to extract dividends that they may not in any other case afford.
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