Tuesday, 24 May 2016
Last updated 9 hours ago
Jun 8 2010 | 10:32am ET
The Managed Funds Association spent almost $1.4 million in the first quarter lobbying Congress and regulators on behalf of the hedge fund industry.
The sum, $300,00 more than the group spent in the fourth quarter and nearly double what it spent a year ago, came as strict new financial regulations were being fashioned by the U.S. Senate. In January, President Barack Obama announced his support for the so-called Volcker rule, which would bar banks from the alternative investments industry as well as proprietary trading. The president also called for a new consumer financial protection agency.
The latter agency, as well as new rules covering derivatives trading, was the subject of some of the MFA’s lobbying to members of Congress, the Commodities Futures Trading Commission, Internal Revenue Service and Securities and Exchange Commission.
The MFA also lobbied the Departments of Labor and the Treasury, according to a filing with the House of Representatives clerks’ office.