GOP Lawmakers Ask SEC to Justify Private Funds in Proposal (1)

Two senior Republican lawmakers are asking the US Securities and Exchange Commission to justify including private funds in a proposal that would require high-frequency trading firms to register as securities dealers.

Including private funds in the rule could disrupt the $24 trillion US Treasury market even after the Federal Reserve raised concerns in a recent report about low liquidity in the bond market during the prior year, Senator Bill Hagerty of Tennessee and Representative French Hill of Arkansas said in a letter sent Thursday. Hagerty is ranking member of a Senate Banking subcommittee. Hill leads a House Financial Services subcommittee. ...