Last month, the House Banking and Financial Services Subcommitee on Capital 
Markets, Securities and 
Government-Sponsored Enterprises marked-up H.R. 2924, the Hedge Fund 
Disclosure Act.  This legislation
would require unregulated hedge funds to submit quarterly reports to the 
Board of Governors of the Federal
Reserve System which would then be distributed to other agencies including 
the SEC and CFTC.
These reports would be made available to the public to the extent required by 
regulations prescribed
by the Board, and for other purposes.

We have attached a copy of the legislation as introduced, as well as the 
manager's amendment as reported out of
Subcommittee for your comments.  The bill has been referred to the full 
Committee with no action scheduled as of yet.
We will be sure to keep you informed of any developments.