Lost amidst all the debate in the industry over whether newly anointed Securities and Exchange Commission Chairman Christopher Cox will run the regulator with an iron fist or a blind eye, is the long-standing issue of whether mutual fund prospectuses will ever become user-friendly.

During his swearing-in late last week, the California Republican said he would indeed make rule enforcement a priority, but also said that it's time to begin printing proxy statements and prospectuses in plain English.

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