Jack Reed

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As we continue the important work of modernizing our outdated financial regulatory system, I have called this hearing to explore a key aspect of these reforms.

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

Let me ask a final question. Given these new responsibilities, it would, I presume, require additional resources not only in terms of personnel but technology.

I think also, too, I would just point out for the record that there is no private right of action included in this proposal.

Thank you very much.

I again want to thank you all, and I particularly want to thank Senator Merkley, because I think we are ready to go.

I think the testimony has been excellent.

I think it would serve us well to move with dispatch, but thoughtfully, on this legislation.

Thank you very much, Chairman Gensler.

Thank you very much, Admiral. I wish that you will convey to your Special Forces operators our great respect and appreciation for what they're doing.

As I suggested in my opening statement, there's an issue of, as we draw down in Iraq, conventional forces redeploying and there's the expectation that SOF elements will help us make that transition and continue our presence there.

The non-availability of force enablers has become SOCOM's 'most vexing issue in the operational environment.'

I understand your proposal does include registration of advisors to hedge funds, which is legislation that I proposed and I think it is on the right track.

It is incredible to me that it has taken 50 years since the Surgeon General made this a priority.

In the fiscal year 2010 budget the President has requested $26 million for the VA to work in partnership with HUD, Labor, Education, HHS, Small Business and nonprofits to reduce homelessness.

You will be in charge of that for the Veterans Administration, is that the way the concept is?

This is something we've got to do, and I want to work with you and I'm sure all my colleagues do.

We need to have robust funding in the base program.

Would you support LIHEAP funding at the $5.1 billion allowed under the budget resolution?

Like funding for food stamps and unemployment insurance, LIHEAP provides a significant multiplier effect that is important in helping to bring us out of this recession.

I will certainly look at that, and I would be happy to meet with you or your staff on that question.

I think he did a very good job in laying out some of the problems of transparency and oversight.

I urge you to use that flexibility wisely.

I think just your sort of emphasis on school libraries and their role in literacy, together with those other resources might be a very important ingredient in this program.