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June 28, 2006
Congress Works on Hedge Fund Loopholes
The Chairman of a Senate subcommittee on finance has called for a hearing on protecting hedge fund investors. The decision was followed the repeal of a rule regulating the investment firms. Senator Chuck Hagel, Chairman of the subcommittee of the Senate Banking Committee said that he would also enlist the help of the president's financial working group. The president's financial working group includes several government agencies. In addition, Democrats on the House financial Services Committee have asked the General Accountability Office for a report on the details of new laws.
An appeals court last week threw out a recently enacted rule that required hedge funds to register with the Securities and Exchange Commission. The SEC overstepped its authority, according to the court.
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