The House Committee on Oversight and Government Reform held hearings on the role of hedge funds in the financial crisis and whether they should be more strictly regulated.

The committee heard testimony from five prominent hedge fund managers, including George Soros, and four academic experts. "Currently hedge funds are virtually unregulated," said committee chairman Henry Waxman, D-Calif. "They are not required to report information on their holdings, their leverage or their strategies. Regulators aren't even certain how many hedge funds exist or how much money they control."

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