WASHINGTON - Despite the enormous weight of proposed regulations bearing down on the financial services industry, mutual funds are taking the issue in stride, focusing on their core strengths of transparency, diversity, customer service - and solutions.

"History has shown that events of this magnitude have a significant impact on investors, on markets and on policymakers," said Mark Fetting, chairman and CEO of Legg Mason Inc. and chairman of the Investment Company Institute's General Membership Meeting, which attracted more than 1,500 executives here last week.

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