The Senate Banking Committee, concluding its 10th hearing yesterday on the mutual fund scandal, may not introduce new regulations for the mutual fund industry but allow the new SEC regulations to kick in, the New York Post reports.
"We ought to let the SEC do its work . . . and not rush to judgment," said committee Chairman Sen. Richard Shelby (R-Ala.). That said, Shelby still believes Congress should continue its oversight and "not rule out any legislation in the future."