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Chuck Schumer’s son-in-law lands profitable gig at personal fairness big Blackstone

Senate Majority Chief Chuck Schumer’s son-in-law has been employed by prime 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 lately 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 beneath its administration.

Shapiro’s portfolio at Blackstone offers with infrastructure investments and initiatives.

“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 workforce,” 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 Submit.

Earlier than they wed in 2016, Michael Shapiro and Jessica Schumer met after they had been each working for the Obama administration in 2011.Fb/Michael Shapiro

The corporate mentioned Shapiro isn’t a registered lobbyist like his spouse, Jessica Schumer, whom he married in 2016. The 2 met in January 2011 after they had been each working on the White Home in then-President Barack Obama’s Nationwide Financial Council, in keeping with The New York Occasions.

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.

Senate Majority Leader Chuck Schumer's (D-NY) son-in-law, Michael Shapiro, is a lobbyist for private equity giant Blackstone.Senate Majority Chief Chuck Schumer (D-NY) has drawn scrutiny for his household’s ties to industrial giants that Congress is looking for to manage. Getty Pictures

The Schumer kids’s ties to Large Tech have fueled some considerations the Senate Majority Chief has an inherent battle of curiosity on the subject of regulating highly effective corporations.

The New York Democrat has been accused of shifting too slowly in bringing to the ground a vote on antitrust laws that goals to restrict the ability of corporations comparable to Amazon, Fb, Apple, and Google.

Throughout a current sitdown with Democratic Occasion donors, Schumer mentioned {that a} invoice co-sponsored by Sen. Amy Klobuchar (D-Minn.) and Sen. Chuck Grassley (R-Iowa) would not have sufficient votes to cross.

“Sen. Schumer is working with Sen. Klobuchar and different supporters to collect the wanted votes,” Angelo Roefaro, a spokesperson for the Senate Majority Chief, advised The Submit.

Shapiro left a job at the Department of Transportation in order to join Blackstone.Shapiro left a job on the Division of Transportation to be able to be a part of Blackstone.

Blackstone and different personal fairness corporations have been focused by Schumer’s extra progressive colleagues in Congress for tighter oversight.

Final yr, Sen. Elizabeth Warren (D-Mass.) authored the “Cease Wall Road Looting Act,” which might bar personal fairness corporations from forcing corporations they purchase to tackle extra debt to be able to extract dividends that they may not in any other case afford .

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