Here's some good news for venture capitalists, who no doubt have had a rough year. According to draft legislation, Financial Services Chairman Barney Frank has rejected a Treasury plan to subject
venture capital firms to "systemic risk" regulation. To put the legislation into content, Treasury Secretary Timothy Geithner recently urged Congress to force VCs to register with the SEC as
investment advisers. The best policy, according to the Journal, would be for Washington to drop the legislative effort until it better understands the issue. Indeed, Frank's draft directs the
Securities and Exchange Commission to define appropriate reporting requirements for such firms.
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