New legislation attempts to regulate hedge funds
Draft legislation aims to impose government oversight on hedge funds
Senator Christopher Dodd, head of the Senate banking committee, is planning a sweeping round of hearings in February that will focus on the need to more tightly regulate the financial markets and will feature testimonies from Treasury secretary Timothy Geithner, Federal Reserve chairman Ben Bernanke, and Paul Volcker, a former Fed chairman who is an adviser to President Obama.
The regulatory overhaul is one piece of the administration's effort to restore confidence in the financial system, which it expects to complete before the meeting of the G-20 nations in London on April 2.
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