U.S. Securities and Exchange Commission chairman Mary Jo White is pushing for the adoption of the JOBS Act.
Bloomberg Businessweek reported that White, who was appointed chairman of the SEC on April 10, has suggested that the commission pass the Act and add protections later.
Hedge funds are currently restricted by law to market themselves only to a small group of investors with whom they already have a relationship. The JOBS Act would allow hedge funds and other private funds to market to potential investors more freely.
The SEC originally scheduled to adopt final rules for the JOBS Act provision by July 2012 but opposition from various groups has pushed the date indefinitely. The Act, which was designed to boost job creation raise capital, was signed by President Barack Obama about one year ago.