WASHINGTON- Excessive fees and inadequate disclosure represent far more serious threats to mutual fund shareholders than the trading abuses uncovered in recent months and will require more stringent legislation to remedy them. And it's time to take the bull by the horns.

That was the message resonating from Capitol Hill last week as industry professionals, government regulators and whistleblowers delivered testimony before the Senate Subcommittee on Financial Management, the Budget and International Security.

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