While the Securities and Exchange Commission and the U.S. Chamber of Commerce grapple in court over whether Federal regulators have the right to dictate the composition of mutual fund company boards, the fund companies themselves appear not to be waiting for answers.

An SEC rule approved in 2004 would require 75% of all mutual fund boards, including their chairmen, be independent. The rule, scheduled to take effect this year, have been halted pending the outcome of a lawsuit lodged by the U.S. Chamber of Commerce, which argues that imposing such a policy would prove costly, impractical and inappropriate.

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