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News October 23, 2006 Issue

Grassley Wants Hedge Fund Info

Senator Charles Grassley (R-IA), who chairs the Senate Finance Committee, has sent letters to heads of the Treasury Department, SEC, CFTC, DOL, and PBGC, expressing concern about the lack of publicly available information regarding hedge funds. Grassley said he became concerned about the impact that Amaranth’s collapse may have on public and private pension funds. "I asked my staff to report back to me on major pension fund holdings in Amaranth and other energy-focused hedge funds," he said. "This information was not available either through public records or even through the various federal agencies that oversee our financial and energy markets. Not only was this information not publicly available, it also was impossible to even determine the identity of the largest energy-focused hedge funds." Grassley asked the recipients of the letters to provide him with reports about the types of information that hedge funds must report to their respective departments. Grassley also solicited their views on how Congress could improve hedge fund transparency.

Meanwhile, there’s no sign of Senate activity on H.R. 6079, the Hedge Fund Study Act. The bill passed the House last month.