Washington Eases Path to Scrutinize Hedge Funds

Federal regulators say they have growing concerns that some hedge funds could be making bets that put the economy at risk. Now, they have a new tool to clamp down.

The change doesn’t just concern hedge funds and could bring greater oversight to a whole host of nonbank firms, from mutual-fund managers to insurance companies. Still, it’s clear that a primary concern for regulators right now is the hedge-fund industry and, specifically, highly leveraged bets that some funds are making in the Treasury bond market, said Chris Niebuhr, a senior research analyst for Washington-based Beacon Policy Advisors.

Rather than immediately look to designate a fund as systemically important, “they might use this as an opportunity to take a shot across the bow,” Niebuhr said. “They’re saying, you may have to rein in this activity or we’ll take steps to force you to.” Newsletter Sign-up Hedge-fund advocates say the council’s concerns are misplaced, and that primary regulators such as the SEC are more than sufficient to oversee their activity.

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