Chuck Schumer actually said...

"I recently introduced the Private Fund Transparency Act of 2009, which would require investment advisers to private funds..."

"we need to empower the SEC to do more."

"I have called this hearing to explore another key aspect of such reforms, the regulation of hedge funds and other private investment pools."

"The current financial crisis has reinvigorated my long-held concern that the regulation of hedge funds and other pooled investment vehicles should be improved."