Hedge Fund Study Act

Bill: 109-hr-6079
Sponsor: Rep. Castle, Michael N. [R-DE-At Large]
Introduced: 2006-09-14 in the House
Policy area: Finance and Financial Sector
Subjects: Commerce
Congressional reporting requirements
Economic impact statements
Economics and Public Finance
Futures trading
Governmental investigations
Information disclosure (Securities law)
Investments
Investors
Labor and Employment
Mutual funds
Pension funds
Securities industry
Securities regulation

Summary:
action_date: 2006-09-14
text: 
Hedge Fund Study Act - Instructs the President's Working Group on Financial Markets to study and report to certain congressional committees on the hedge fund industry. 
 
Requires the study to analyze: (1) the changing nature of hedge funds and what characteristics define a hedge fund; (2) the growth of hedge funds within financial markets; (3) the growth of pension funds investing in hedge funds; (4) whether hedge fund investors are able to protect themselves adequately from the risk associated with their investments; (5) whether hedge fund leverage is effectively constrained; and (6) the potential risks hedge funds pose to financial markets or to investors.

action_date: 2006-09-27
text: 
Hedge Fund Study Act - Instructs the President's Working Group on Financial Markets to study and report to certain congressional committees on the hedge fund industry. 
 
(Sec. 2) Requires the study to analyze: (1) the changing nature of hedge funds and what characteristics define a hedge fund; (2) the growth of hedge funds within financial markets; (3) the growth of pension funds investing in hedge funds; (4) whether hedge fund investors are able to protect themselves adequately from the risk associated with their investments; (5) whether hedge fund leverage is effectively constrained; (6) the potential risks hedge funds pose to financial markets or to investors; (7) various international approaches to hedge fund regulation; and (8) benefits of the hedge fund industry to the economy and the markets.
 
Requires the recommendations to include: (1) any proposed legislation relating to appropriate disclosure requirements for hedge funds; (2) the type of information hedge funds should disclose to regulators and to the public; (3) any efforts the hedge fund industry or regulators of financial institutions should undertake to improve practices or provide examples of successful industry initiatives; and (4) any oversight responsibilities that members of the President's Working Group should have over the hedge fund industry, and the degree and scope of such oversight.


Legislative actions:
action_date: 2006-11-13
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2006-09-28
text: Received in the Senate.
action_date: 2006-09-27
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2006-09-27
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7596)
action_date: 2006-09-27
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7596)
action_date: 2006-09-27
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 6079.
action_date: 2006-09-27
text: Considered under suspension of the rules. (consideration: CR H7596-7598)
action_date: 2006-09-27
text: Mr. Miller, Gary moved to suspend the rules and pass the bill, as amended.
action_date: 2006-09-14
text: Referred to the House Committee on Financial Services.
action_date: 2006-09-14
text: Introduced in House
action_date: 2006-09-14
text: Introduced in House