The recent hearings in Congress on hedge funds were interesting enough. But Rep. Barney Frank offered a more telling indication of his thinking after a session. He said that a proposal is "on the table" that would require funds to store various documents for the purpose of law enforcement and a possible measure to ensure regulators have more sufficient disclosure regarding counter-party risk. This is not earth-shattering stuff. It seems that any new law proposals would require stuff that many companies already do currently. If not, it would be relatively simple to comply. I doubt any significant new legislation will appear. But James Chanos' recommendation is that all alternative investments be treated the same.

For more:
- here's an article from II.com