Money Management Executive

Mutual Fund Measure Buried in Spending Bill

Published November 18, 2004, 1:00 a.m. EST

1 Min Read

The SECs recent mutual fund governance rule could run up against a challenge after the spending bill gets passed, Dow Jones Newswires reports. The $388 billion bill includes a measure requiring the SEC to report to Congress on the performance and fees of mutual funds with independent chairmen.

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Fidelity Investments and other fund companies support that language, which has the potential to reopen discussion of the SECs governance rule requiring at least 75% of a funds board to consist of independent directors. Should it turn out that funds with independent chairman do not have lower fees than funds with a chairman from the fund, it could create pressure on the SEC to overturn its governance rule requiring the chairman and 75% of a fund board to be independent.

This measure has largely gone unnoticed, as it is only a small part of the 1,182-page bill.

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Money Management Executive

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