Briefly

U.S. Sen. Charles E. Grassley (R-Iowa) on Wednesday proposed a legislative amendment that would subject hedge funds to increased oversight and routine inspections, reinstating rules struck down by a federal court last year. The proposal would require hedge funds that manage more than $50 million and have more than 15 investors to register with the Securities and Exchange Commission as investment advisors. Grassley’s stance contradicts that of the Bush administration, which last month said no new rules were needed to rein in hedge funds.