As the House Subcommittee on Capital Markets met Wednesday for a hearing on the Mutual Funds Integrity and Fee Transparency Act, the Investment Company Institute threw its support behind many provisions of the bill.

However, the ICI did not offer a position on the disclosure of portfolio manager compensation, portfolio transaction costs, revenue-sharing agreements, or fund brokerage practices, only calling on the Securities and Exchange Commission to investigate them further. The ICI also opposed appointing an independent director chairman of the board.

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