CINCINNATI - Although the Investment Company Institute successfully stalled the Baker Bill last spring, Congress is likely to pass and the President is likely to approve the third piece of legislation in the history of mutual funds, ICI President Matthew Fink told the Greater Cincinnati Mutual Funds Association Thursday.
Only once since the passage of the Investment Act of 1940, in 1970, has Congress changed the rules governing the industry, best left to the SEC, Fink said. And this bill, likely to be championed either by Senators Michael Oxley (R-Oh.) or Richard Baker (R-La.), could hit the President's desk as early as July.