Why It Matters

Centiva Capital LP ended its lobbying relationship with BGR Government Affairs after more than a year of advocacy on federal tax issues. The termination came after Congress enacted the One Big Beautiful Bill Act in 2025. The law made a number of tax provisions affecting investment and pass-through businesses permanent but did not change the tax treatment of carried interest.

Centiva's engagement brought together a team of six senior lobbyists, several of whom have direct congressional or executive branch experience involving tax and financial policy.

The team included Matt Hoffmann, who previously worked for the House Ways and Means Committee and Senate Finance Committee, and Andrew Lewin, who worked for former Rep. Dennis Moore (D-KS) and other House Democrats. Jennifer Brown previously served as tax counsel to former Sen. Bob Menendez (D-NJ), while Steve Pfrang previously worked for lawmakers including Rep. Darin LaHood (R-IL), former Rep. Tom Reed (R-NY) and former Rep. Vito Fossella (R-NY).

Ed Rogers Jr. worked on Centiva Capital LP's lobbying engagement with BGR Government Affairs LLC. Keaghan Ames, who previously worked at the Commodity Futures Trading Commission and Securities and Exchange Commission, was also registered on the account.

Broader Context

BGR registered Centiva in April 2025 to provide strategic counsel and advocate on tax-related issues. Subsequent filings continued to identify taxation as the lobbying issue area without specifying particular legislation.

The One Big Beautiful Bill Act subsequently made the 20 percent qualified business income deduction for certain pass-through businesses permanent and preserved other investment-related tax benefits.

The law did not overhaul the tax treatment of carried interest. Congress has continued to debate that issue separately. Sen. Ron Wyden (D-OR) and other senators introduced S. 4330, the Ending the Carried Interest Loophole Act, in April, which would revise the tax treatment of partnership interests received in connection with the performance of services.

The bill also preserved pass-through entity tax deductions and permanently disallowed miscellaneous itemized deductions, continuing or modifying policies affecting investment managers and other high-income taxpayers.

BGR Government Affairs was co-founded by Ed Rogers, a veteran of the Reagan and George H.W. Bush White Houses, and former Mississippi Gov. Haley Barbour. Rogers' federal lobbying disclosure lists multiple White House positions, while Hoffmann's disclosure lists senior positions with the House Ways and Means Committee and Senate Finance Committee.

Centiva's engagement with BGR focused on taxation throughout the relationship. A fourth-quarter 2025 filing reported lobbying on tax-related issues but less than $5,000 in income rather than $0.

The Bottom Line

BGR's Aug. 19 filing formally ended its relationship with Centiva Capital and reported no lobbying activity for the third quarter.

The timing followed enactment of a major tax law that preserved several provisions favorable to pass-through businesses and investment activity without changing carried-interest taxation. However, because Centiva's disclosures identified only broad tax advocacy, the public filings do not establish that carried interest or any specific One Big Beautiful Bill Act provision was the reason Centiva hired or later dropped BGR.

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