Hedge Funds Politics & Regulation

SEC nominee would push for hedge fund registration


Mary Schapiro, President-elect Barak Obama’s nominee for Chairman of the U.S. Securities and Exchange Commission, told the Senate she would favor mandatory hedge fund registration.

As she appeared this Thursday before the Senate Banking Committee, Schapiro said the country’s regulatory system had not kept up with the migration of financial activity from brokerage firms to hedge funds and other money managers.

Echoing the tendency of government officials to compare law enforcement with military action (e.g., the “war on drugs,” “war on poverty,” and “war on crime”), Schapiro, in her prepared statement, quoted the first SEC Chairman, Joseph Kennedy,