The board took action to improve transparency in the municipal bond market during its three-day meeting.
Citigroup lost $2.5 billion in the second quarter while Merrill Lynch was down $4.65 billion.
Clients would have to have a net worth of at least $1.5 million for investment advisers to charge them performance fees.
The funds employ long-term capital growth strategies by investing primarily in equity securities of U.S. issuers.
The $12.5 billion allocated to hedge funds during the quarter marked the lowest level of new capital since 2005.
Wilmington Trust reported a second-quarter loss of $19.5 million on impairment charges and a securities loss.
Regulators raided the St. Louis headquarters of Wachovia seeking records related to the sale of auction rate securities.
Sen. Carl Levin today called for legislation that would make it easier to tax U.S. citizens who transfer assets to shelters.
Housing starts rose 9.1% to 1,066,000 units in June from May, but down 26.9% from a year ago.
JPMorgan Chase & Co. reported that its second-quarter earnings were 53% below last year’s levels.
