Two Republican members of the U.S. House have sent a letter to the Securities and Exchange Commission questioning whether federal securities regulators should spend so much of their time conducting compliance examinations of private equity fund advisors.
Jeb Hensarling, House Financial Services Committee Chairman, and New Jersey Republican Scott Garrett, who chairs the capital markets subcommittee, said in their letter that they believe the SEC examination process is costly, inefficient and inflexible.
The Dodd-Frank Wall Street reform law gave the SEC authority to regulate private equity funds and hedge funds in 2010.
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