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.
Enzi, an accountant, pointed out to the committee that the 46 cases brought by the SEC against hedge funds over the past five years represented just 2 percent of the SEC's enforcement docket during that time.
"With the hedge fund proposal, I believe that the SEC may be tempted to stretch its resources too thin so that it can protect the Warren Buffetts of the world at the expense of ordinary, retail investors," Enzi said.
— WebCPA staff
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