FOX Business- Hedge funds, often described as ‘secretive’, with their pools of cash invested in everything from soybeans to mortgages — may soon find themselves under the watchful eye of the Securities and Exchange Commission.

Currently, the Commodities and Futures Trading Commission regulates hedge funds’ trading activities.

Under a Bush Administration proposal announced Monday, which would dramatically reform the regulatory system that oversees the nation’s vast financial services industry, the CFTC would merge with the SEC — moving hedge funds under the supervision of the government agency they’ve been trying to avoid.

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