North Carolina State Treasurer Richard Moore blasted the fund industry for paying ICI dues from investors’ pockets, while ex-SEC chairman Harvey Pitt voiced concerns about his former agency’s ability to deal with outside influences such as New York State Attorney General Eliot Spitzer, Reuters reports.

Both were speaking at the Reuters Corporate Reform Summit at the news outlet’s New York headquarters on Wednesday. Moore said that he has been told that investors are paying for their fund company’s ICI dues, unknowingly, and if that is true, then there is "no way in hell they're going to tell me they're representing shareholders."

Moore said he has written several fund companies asking where the ICI dues money comes from and how it is spent. He also inquired about funding for other lobbying efforts and where those dollars come from.

Pitt, on the other hand, delved into the controversy of state versus federal regulators, a tense power pull that has lead to some colorful commentary by both sides. Amid the sideshows, Pitt said state involvement has had a significant impact on the SEC and its ability to make tough enforcement choices.

"I worry sometimes that the staff of the SEC is losing the ability to make the hard judgments," Pitt told Reuters. "And that's a function of competition from the states and other places, bashing from politicians and legitimate criticism from the press."

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