October 21, 2006

Senator Raises Regulatory Concerns

-- By Pushpa Sathish, Staff Writer

With more and more pension funds investing in hedge funds, a large number of people could be at risk of losing their retirement security, fears Sen. Charles Grassley. The senator, who is also the chairman of the Senate Finance Commission, has written to various financial regulatory agencies seeking more transparency in the way hedge funds operate and expressing concern over the lack of regulations for the industry. He was especially concerned about the lack of public information on the pension funds that had invested in Amaranth, and as a result, suffered losses due to the fund’s mammoth downfall. Chron reports:

Grassley, an Iowa Republican, wrote to Treasury Secretary Henry M. Paulson and sent copies to Securities and Exchange Commission Chairman Christopher Cox, Labor Secretary Elaine L. Chao, PBGC Director Vincent K. Snowbarger, Chairman of the Commodity Futures Trading Commission Reuben Jeffery, and several members of the Senate.

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