WASHINGTON -- If federal regulators move as Paul Schott Stevens fears they will, they could drive up costs and undermine investor confidence in the largest U.S. mutual funds, a cornerstone of Americans' retirement savings.

Stevens, the president and CEO of the Investment Company Institute, issued an urgent warning about the potential designation of large mutual funds as so-called systemically important financial institutions, or SIFIs, this week at the group's General Membership Meeting.

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