While all alternative investment industry eyes are on the debates over hedge fund regulation in Europe, American lawmakers are planning their own.

The U.S. House Financial Services Committee has scheduled an Oct. 6 hearing to discuss hedge fund regulation, among other issues.

Hedge funds likely don’t have to fear draconian regulations similar to those being discussed on the other side of the pond. While the chairman of the House panel, Rep. Barney Frank (D-Mass.) has said hedge funds will be forced to register with the U.S. Securities and Exchange Commission under the new U.S. regulatory regime, he has also made clear that he doesn’t favor strict new rules governing their behavior.