Washington (July 21, 2004) — Senator Mike Enzi, R-Wyo., told the Senate Banking Committee that he would prefer that the Securities and Exchange Commission use its resources to fulfill its oversight responsibilities for Sarbanes-Oxley and policing the much larger mutual fund industry rather than hedge funds.

Last week, the SEC proposed rules that would require hedge fund advisers to register with the commission under the Investment Advisers Act of 1940.

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