July 24, 2008

Congress Continues to Scrutinize Spending by Wealthy Groups

By Ben Gose

With the stock market sinking rapidly, will Congress lose its zeal for scrutinizing the largest endowments?

Some members of Congress, including Sen. Charles E. Grassley, the senior Republican on the Senate Finance Committee, have raised the idea of requiring nonprofit groups with an endowment or significant reserves to distribute a minimum percentage of assets each year.

But some endowment managers say the push for greater spending was a bull-market phenomenon, and that the

Print Subscription

Digital Subscription

Already have an account? Log In Now.