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To: long-gone who wrote (19989)	9/28/1998 4:05:00 PM
From: Alex	Respond to of 116764

Greenspan, McDonough to testify Thursday WASHINGTON, Sept 28 (Reuters) - Federal Reserve Chairman Alan Greenspan and New York Federal Reserve Bank President William McDonough will testify Thursday before the House Banking Committee on the $3.5 billion bailout of Long-Term Capital Management, a committee aide said Monday. House Banking Committee Chairman James Leach, an Iowa Republican, last week had asked Greenspan, McDonough, Treasury Secretary Robert Rubin and others to testify on the Greenwich, Conn., fund's troubles in addition to U.S. regulation of hedge funds. Concerns in Congress came after the New York Fed had to step in and organize funding from several financial firms to prop up the fund and avoid systemic risks in the market. Leach and other lawmakers have expressed concerns about the Fed's role in overseeing the lending and investments banks and other firms have made in hedge funds, private funds limited to less than 100 sophisticated investors. These huge private funds are unregulated and highly speculative and have often been able to influence global markets. ------------------------------------------------------------------------ Related News Categories: international