Barney Frank Hedge Funds
Barney Frank: Hedge Funds, Banks to Pay $19 Billion
Hedge funds are facing increasing regulation around the world and increasing costs to comply with new laws and demands. House Financial Services Committee Chairman Barney Frank has estimated that hedge funds and banks may have to pay as much as $19 billion spread over several years. Many politicians are facing pressure to lower the deficit and the charges to hedge funds and banks are intended to offset any increase to the deficit by the financial reform.
U.S. lawmakers plan to collect roughly $19 billion from the nation’s largest financial institutions to pay for the cost of financial overhaul legislation, a top House Democrat said Thursday evening.
Rep. Barney Frank (D., Mass.) told reporters during a break in negotiations that the cost would likely be spread out over several years. The fee would offset any increase in the deficit caused by the legislation, which would create a broad new regulatory regime to address shortfalls laid bare by the recent financial crisis. Source
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