Proposed Federal Regulation of Private Investment Funds

As anticipated, Congress is taking the first steps toward regulation of private investment funds. On January 29, 2009, Senators Grassley and Levin introduced Senate Bill 344, the “Hedge Fund Transparency Act.” A similar bill was introduced by Sen. Grassley in the last Congress but was never taken up by the Banking Committee. In this economic climate with well-publicized “blow ups” and scandals involving hedge funds, it is likely that Congress has both the desire and will to pass legislation.

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