Law360, New York (March 17, 2009, 12:00 AM EDT) -- On Jan. 29, 2009, Sens. Charles Grassley, R-Iowa, and Carl Levin, D-Mich., introduced the "Hedge Fund Transparency Act of 2009" — a bill aimed, in the words of Sen. Grassley, at closing "a loophole in our securities law that allows hedge funds to operate under a cloak of secrecy."
Despite its title, however, the proposed bill is not limited to hedge funds. It would apply with equal force to a broad array of private investment vehicles, including most private equity and venture capital funds.
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