In a proposal added to the financial reform bill at 3:00am this morning, the country’s largest hedge funds could face billions of dollars in fees.
The largest hedge funds in the country – those with more than $10 billion in assets – could be on the hook for tens or even hundreds of millions of dollars in fees to pay for financial reform approved early Friday.
Under the proposal, the Federal Deposit Insurance Corporation would be mandated to raise up to $19 billion over five years from hedge funds managing $10 billion and financial institutions with more than $50 billion. The proposal is part of the financial reform package that President Barack Obama is expected to sign before July 4.
As of January 1, there