By Jessica Dye

Law360, New York (July 15, 2009, 12:00 AM ET) -- The Obama administration on Wednesday delivered to Congress its anticipated proposal for regulating hedge funds, seeking mandatory federal registration, risk monitoring and reporting requirements for private funds advisers managing assets valued at more than $30 million.

The legislation, submitted by the U.S. Department of Treasury, proposes first-ever registration and disclosure requirements through the U.S. Securities and Exchange Commission for investment advisers and firms handling more than $30 million in assets through any private pool of capital, including hedge funds, private equity and venture capital funds....