WASHINGTON, July 30 (Reuters) – Wealthy families that set up investment funds known as “family offices” to manage their personal wealth would face stricter oversight from U.S. regulators under a bill advanced by a U.S. congressional panel late on Thursday.
The bill was among 11 that lawmakers hope will address failings highlighted by March’s meltdown of family office Archegos Capital which led to billions of dollars in losses for some banks and January’s GameStop saga. read more
Whether they pass or not, the bills considered by the House Financial Services Committee would increase the pressure on the U.S. Securities and Exchange Commission (SEC) to take swift action, analysts said.
The legislation targets family offices with more…