WASHINGTON – Congress is prepared to take a fine-tooth comb to the mutual fund business to determine whether investors are getting a fair shake.

That was the message resonating from Capitol Hill Wednesday as members of the House Committee on Financial Services convened to hear testimony from seven industry leaders in a heated four-hour session. Among the key issues were the rise in fund fees and expenses, the widespread use (and abuse) of soft-dollar commissions and the role of independent directors.

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