Despite a seeming endorsement from the Investment Company Institute, many in the mutual fund industry say the Mutual Funds Integrity and Fee Transparency Act of 2003, proposed by House Capital Markets Subcommittee Chairman Richard H. Baker (R-LA), is still severely lacking and way off the mark in many areas.

The bill takes aim at several opaque issues in the mutual fund industry, attempting to shed some light on such questionable tactics as soft-dollar and revenue-sharing arrangements. It also takes aim at corporate governance and the disclosure of the expenses of a portfolio. However, critics claim the bill is just piling on too much, and in some cases meaningless, information for investors to digest.

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