Rep. Richard H. Baker, the chairman of the House Banking subcommittee on capital markets, plans to introduce legislation that would require more public disclosures by hedge funds.

The Louisiana Republican said he would draw from recommendations in recent reports by the President's Working Group on Financial Markets and a group of leading commercial and investment banks.

He emphasized the need for quarterly financial statements by hedge funds, reports by publicly held companies on their direct financial exposures to hedge funds, and increased information exchanges between credit pro-viders and users in highly leveraged financial transactions.

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