The Securities and Exchange Commission and the U.S. Chamber of Commerce are scheduled to face off today before a three-judge panel on the controversial independent chairman rule, with a decision likely within two to three months.

The Chamber has sued the SEC twice over the new rule, which would require 75% of a fund's board, including its chairman, to be independent, and twice the SEC has voted to approve the rule by a vote of 3:2. The Chamber argues that the SEC has not presented any proof that the rule improves a fund's performance or governance, while the SEC counters that chairman affiliated with a fund's investment advisor has no incentives to protect investors' best interests.

Eugene Scalia, the U.S. Chamber of Commerce's attorney, told reporters on a conference call that he plans to argue the SEC voted to approve the rule too hastily and failed to investigate what impact it would have on the fund industry.

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