Chuck Schumer actually said...

it seems obvious to me that closer attention needs to be paid to these funds to avoid future Ponzi schemes

To address this regulatory gap, I recently introduced the Private Fund Transparency Act of 2009.

We applaud Senator Charles Schumer and Congressman Rush Holt for their leadership in introducing these bills.

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