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Komfie Manalo, Opalesque Asia: United States Senator Tammy Baldwin has re-filed a bill that aims to boost oversight of hedge funds, reported the Journal Sentinel. Baldwin, a Democrat, has the backing of Republican Sen. David Perdue of Georgia with the bill.
Perdue has signed up as co-sponsor of the bill that was first introduced in March 2016 with U.S. Sen. Jeff Merkley, an Oregon Democrat.
"This bipartisan legislation updates Depression-era rules to address the financial abuses being carried out by activist hedge funds who promote short-term gains at the expense of workers, taxpayers and local communities," Baldwin said.
Baldwin called his bill the Brokaw Act, named after a village that is in the process of dissolution after the closure of a Wausau Paper Co. mill in 2012.
"The Brokaw Act will increase transparency and strengthen oversight of predatory hedge funds," Baldwin said. "These reforms will help rewrite the rules for Wall Street so the playing field works better for our Main Street economy."
Under the proposed legislation, hedge funds are required to disclose any stakes of more than 5% in the shares of a public company at a much shorter period. Funds would be required to identify themselves as working together, and indirect company stakes acquired through derivatives will need to be disclosed as well, writes ...................... To view our full article Click here
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