H.R. 2924, the Hedge Fund Disclosure Act: Hearing Before the Subcommittee on Capital Markets, Securities, and Government Sponsored Enterprises of the Committee on Banking and Financial Services, U.S. House of Representatives, One Hundred Sixth Congress, Second Session, March 16, 2000, Volume 4 |
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ARY OF CONGRESS assets bailout Banking and Financial believe BENTSEN BIGGERT billion BRARY Capital Markets CAPUANO CFTC Chairman BAKER commodity pool concern CONG CONGRES CONGRESS THE LIBRARY constrain excessive leverage direct regulation enhance market discipline enhanced transparency financial institutions financial markets financial system Fund Disclosure Act going GOVERNMENT SPONSORED ENTERPRISES Group on Financial Group report Group's recommendations Hedge Fund Disclosure highly leveraged institutions investment investors issue JONES Kanjorski large hedge funds largest hedge funds legislation LIBR LIBRA LIBRARY OF CONGRESS Long-Term Capital Management LTCM MALONEY manager's amendment MANZULLO March 16 MARGE ROUKEMA market participants moral hazard President's Working Group private sector problem proprietary information public disclosure public policy question RARY regulatory require RILEY risk management practices Roukema RYAN SACHS securities firms Subcommittee on Capital systemic risk Term Capital Management testimony Thank tion TOOMEY transparency and disclosure unregulated hedge funds
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Page 1 - The subcommittee met, pursuant to call, at 10:05 am, in Room 2128, Rayburn House Office Building, Hon. Richard H. Baker [chairman of the subcommittee] Presiding. Present: Representatives Baker, Shays, Kelly, Biggert, Kennedy, Tiberi, Brown-Waite, Feeney, Gerlach, Hensarling, Fitzpatrick, Kanjorski, Sherman, Hinqjosa, Clay, Scott, and Wasserman Schultz.
Page 3 - Kanjorski for his statement. [The prepared statement of Hon. Richard H. Baker can be found on page 84 in the appendix.] Mr.
Page 3 - Mr. Chairman, thank you very much for giving me the opportunity to testify on my bill, HK 1-2438, the Horse Protection Act.
Page 4 - I yield back. [The prepared statement of Hon. Paul E. Kanjorski can be found on page 51 in the appendix.] Chairman BAKER.
Page 5 - Thank you, Mr. Chairman, and thank you for your leadership on this issue.
Page 42 - For the last six months, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), the...
Page 43 - By increasing the chance that problems at one financial institution could be transmitted to other institutions, leverage can increase the likelihood of a general breakdown in the functioning of financial markets.
Page 51 - Overall, the distinguishing features of the LTCM Fund were the scale of its activities, the large size of its positions in certain markets, and the extent of its leverage, both in terms of balance-sheet measures and on the basis of more meaningful measures of risk exposure in relation to capital. The Fund reportedly had over 60,000 trades on its books, including long securities positions of over $50 billion and short positions of an equivalent magnitude. At the end of...
Page 46 - One of the primary areas of concern expressed by the private sector has been the challenge of balancing the disclosure necessary to enhance market discipline with the need for protection of proprietary information essential to the firms' ability to engage in business transactions.
Page 38 - Capital Management to fail, a number of other financial institutions might have also failed and markets might have panicked, causing serious losses to many not directly involved in these activities...