Jack Reed actually said...

"Thank you very much. And Mr. Dear, thank you for your testimony and also for your leadership."

"The Private Fund Transparency Act of 2009, which Chairman Reed recently introduced, would eliminate the small-adviser exemption from the Advisers Act."

"As we continue the important work of modernizing our outdated financial regulatory system, I have called this hearing to explore a key aspect of these reforms."

"There are basically three approaches: one is to regulate the fund; two is to regulate the advisers; or three is to give the SEC the authority by regulation to set up rules for exempt entities under bo..."