A bill was introduced in the U.S. Senate on Tuesday that would require advisers of hedge funds, private equity, venture capital funds and other private investment pools to register with the Securities and Exchange Commission.

The bill, introduced by Senator Jack Reed, chairman of the banking subcommittee on securities, would require advisers that manage more than $30m in assets to register with the SEC. Smaller funds, with less than $30m, would be supervised by states.