WASHINGTON - Testifying before the Senate Banking Committee last week, SEC Chairman William Donaldson called for the formation of a new risk assessment unit to circumvent abuses in mutual funds and other investments.

He also called for a greater representation of independent directors on fund boards, including the chairman, and reiterated his call for a chief compliance officer.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.