It's a busy week as Congress and just about everyone else is counting down the days until August recess. This update includes:
- The building momentum for imposing a user fee on registered investment advisors to fund additional SEC examiners;
- The growing battle over FY 2015 funding for the Securities and Exchange Commission;
- CBO's disturbing report on long-term U.S. debt, which finds that the federal debt will double the total U.S. economy within twenty-five years; and
- This week's Senate Permanent Subcommittee on Investigations hearing on the use of structured financial products to evade U.S. short-term capital gains tax.
Note: The head of the SEC's Office of Compliance Inspections and Examinations recently gave a speech (described below) warning private equity managers about several areas where PE funds are failing to meet their obligations under the Investment Advisers Act. A key problem area is the issue of fees and expenses charged by the general partner.
The full House of Representatives passed the FY 2015 financial services appropriations.
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