The Committee on Oversight and Government Reform may, at any time, conduct investigations of any matter regardless of whether another standing committee has jurisdiction over the matter. In 1998, Rep. Waxman formed the Special Investigations Division to conduct investigations into issues that are important to members of the Oversight Committee and other members of Congress.

Hedge fund managers will face a new restriction when the Security and Exchange Commission’s anti-fraud rule goes into effect on September 10, against a backdrop of spectacular failures in the $1.5 trillion (€1.1 trillion) industry. The five SEC commissioners in July voted unanimously to adopt a new rule clarifying hedge fund fraud.