July 18, 2009

A panel of financial industry representatives urged Congress to update the nation's system of financial regulation Friday.Testifying before the House Financial Services Committee, the representatives said they were generally supportive of initiatives proposed by President Barack Obama to modernize the nation's regulatory framework.

Richard Baker, the president of the Managed Funds Association, an organization which represents hedge funds, noted that hedge funds have an interest in a stable, well regulated market."Though hedge funds did not cause the problems in our markets, we believe that the public and private sectors, including hedge funds, share the responsibility of restoring stability to our markets.