House Financial Services Capital Markets Subcommittee Chairman Richard H. Baker (R-LA) dashed off a letter to Securities and Exchange Commission Chairman William Donaldson last Wednesday asking the SEC to look into mutual funds fees. Fee tables aside, Baker asserted investors are "ignorant" of how much they are paying.

Baker said that while T. Rowe Price Chairman James Riepe testified on March 12 (see MFMN 3/17/03) "investors get all the information they need to make an intelligent decision," counterpoints by John Bogle, founder of Vanguard, and Gary Gensler, former undersecretary of the U.S. Treasury, raised enough questions for Congress to ask the SEC to probe further.

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