The SEC’s proposal to require mutual funds to disclose the fees investors based on a $1,000 investment, is a step in the right direction – but it doesn’t go far enough.

Those were the remarks of Sen. Susan Collins (R-ME) in a letter addressed to SEC Chairman William Donaldson, which Collins’ office released yesterday.

Chairman of the Senate Governmental Affairs Committee, Collins said she would like to see "further steps, particularly improved disclosure of fees and expenses, to protect mutual fund owners," Reuters reports.

"I would urge the SEC to consider seriously the General Accounting Office’s recommendation that these data be personalized," Collins reportedly wrote. "Generalized cost data of the type that the Commission proposes to disclose will not lead shareholders to a full appreciation of their funds’ costs."

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