Wall Street Journal – June 2009
THE GLOBAL MARKETS CRISIS OF 2008, CAPPED BY the revelation of Bernard Madoff’s $65 billion Ponzi scheme, has sped up a long-expected tightening of hedge-fund regulations.
Barney Frank, chairman of the House Financial Services Committee, looks to be leading the charge. Earlier this month, the Massachusetts Democrat said his panel would overhaul regulation of the financial-services industry by passing a number of bills, potentially before the August recess. Ultimately, those bills could be combined into a sweeping financial-reform package, including mandatory oversight of hedge funds by both the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
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