from having to meet certain criteria from the definition of investment adviser under the Investment Advisers Act of 1940. Previously, such family offices were deemed to be investment advisers and relied on the "less than 15 clients" rule to avoid registration under the Act, a rule that was eliminated under Dodd-Frank. The Obama U.S. Securities and Exchange Commission under chair Mary Schapiro promulgated the final "family office rules" on June 22, 2011, after hearing from around 100 family offices through their attorneys, who invoked solicitor-client privilege in the communications with the SEC. In the words of one solicitor: "The extended family that controls the family office has asked this firm to provide the Commission with comments to the Proposed Rule on its behalf, as it believes that providing comments directly to the Commission might compromise its privacy, including publicly revealing the manner by which it conducts its family office business." Family offices became more common in years since 2010 after the rapid increase in valuations of technology companies led to many people having newly created wealth. Also in 2010, the academic Journal of Family Business Strategy was launched by Torsten Pieper to "publish research that contributes new knowledge and understanding to the field of family business." According to a 2015 report by the Financial Times, the label "family office" was increasingly replaced by other business names, such as "private investment office", with services in relation therewith called "private company services" or "strategic philanthropy advice". Globally in 2015, one source numbered 79,000 families that controlled roughly $19 trillion in assets. In January 2021, it was revealed that Leon Black paid Jeffrey Epstein $158 million over the period from 2012 to 2017 for family office tax advice. In spring 2021 the implosion of Archegos Capital Management drew the scrutiny of several regulators and the questioning of Sherrod Brown, Chair of the US Senate Banking Committee. It came to light during the 2021 implosion of Archegos Capital Management that family offices were reportedly "more loosely regulated than other investment vehicles, with fewer disclosure requirements." In response to these concerns, US Representative Alexandria Ocasio-Cortez introduced The Family Office Regulation Act of 2021, H.R. 4620, which would limit the use of the family office exemption from registration as an investment advisor with the SEC to offices with $750 million or less in assets under management. The bill would also prevent persons who are barred or