(Businessweek.com) — There’s one corner of Wall Street that is happily backing Congress’s regulatory overhaul of the U.S. financial system: the $1.7 trillion hedge fund industry. The private investment pools have been largely silent during this year’s legislative imbroglio, confident that the regulatory proposal that directly affects them—a requirement to register with the Securities & Exchange Commission—won’t crimp their business. Backed by well-connected lobbyists, including Richard Baker, a former senior Republican on the House Financial Services Committee, hedge funds have thus far dodged the Washington reform bullet.
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