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From Kirsten Bischoff, Opalesque New York: 

Let the games begin.  As the proposed financial regulation legislation begins to wend its way through Washington DC this week, much of Monday's media discussions focused around the quiet lobbying being done by hedge fund and private equity groups, activity expected to step up alongside other financial industry lobbying groups this week.  

Politico.com reported that $7.3m was funneled from the hedge fund and private equity industry to lobbyists last year, a number on track to be surpassed in 2010 with $2m doled out during 1Q2010 alone.  

However, consumer groups are unleashing their own lobbyists to try and keep implementation of strict reform on track and even if the hedge fund industry does not see additional regulation (in addition to the SEC registration expected to pass), fund managers will likely be affected by wider market regulation (i.e., derivatives market regulation, etc).  

But, the fact remains that the regulatory spotlight that shone so harshly on hedge funds in early 2009 has been shifted by the recent focus on investment banks.  Goldman Sachs, currently being charged by the SEC has had to refocus on Washington, already funneling $1.5m to lobbying firms in Q12010.  Jamie Dimon, CEO of JPMorgan Chase and a member of the Business Council will join other colleagues from the council (formed in 1933 to advise government officials......................

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