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U.S. House panel votes to regulate hedge funds

By Associated Press

October 28, 2009 8:15 am ET

The U.S. House Financial Services Committee has voted to regulate for the first time hedge funds and other large pools of capital.

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The bill, which received broad bipartisan support in a 67-1 vote, is the panel's latest attempt to tighten the rules of the road for financial institutions after last year's market crisis.

The bill would require that large private investors register with the Securities and Exchange Commission. Under the proposal, investment advisers would have to maintain records and potentially provide those records to the SEC for review.

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