Bloomberg – Hedge funds are fighting what they call a punitive provision in the U.S. House regulatory overhaul bill that requires the private investment pools to pay into a fund for rescuing failed companies ahead of other financial firms.

In a letter sent today to House Financial Services Chairman Barney Frank, the Managed Funds Association said it was “extremely troubled” by language in the panel’s systemic-risk legislation that requires hedge funds with more than $10 billion in assets to pay into a fund for winding down too-big-to fail companies. Other firms get assessed at $50 billion.

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