Frank: Congress to give SEC hedge fund authority

U.S. Representative Barney Frank (D-MA), Chairman of the House Financial Services Committee, listens to a reporter's question during the Reuters Global Financial Regulation Summit in Washington, April 28, 2009. REUTERS/Jonathan Ernst

U.S. Representative Barney Frank (D-MA), Chairman of the House Financial Services Committee, listens to a reporter's question during the Reuters Global Financial Regulation Summit in Washington, April 28, 2009.

Credit: Reuters/Jonathan Ernst

WASHINGTON | Tue Apr 28, 2009 9:51am EDT

WASHINGTON (Reuters) - The chairman of the U.S. House of Representatives Financial Services Committee said Congress will give the Securities and Exchange Commission the authority it needs to require hedge funds to register with the agency.

"We will give them (SEC) explicitly that authority" to register hedge funds, Democratic Representative Barney Frank told the Reuters Global Financial Regulation Summit in Washington on Tuesday.

In 2006, a federal court rejected the SEC's efforts to oversee the loosely regulated $1.3 trillion hedge fund industry.

(For summit blog: blogs.reuters.com/summits/)

(Reporting by Rachelle Younglai; Editing by Tim Dobbyn)
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