(Bloomberg) — The amount of borrowed money at big hedge funds is ringing alarm bells with Wall Street's uber regulator, which made a new push to try to assess whether the $2.9 trillion industry could threaten the financial system.

The Financial Stability Oversight Council announced at a meeting Monday that it will form an interagency group to dig into hedge fund leverage. The new group will focus on analyzing data and studying risk factors such as counterparty exposures and trading strategies, said the council, whose members include the heads of the U.S. Treasury Department, the Federal Reserve and the SEC.

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