The umpire strikes back. Investors are finally getting the right calls, as regulators have unveiled a series of aggressive steps to improve fund governance and eliminate hidden fees charged to shareholders.

Responding to a wave of criticism for failing to catch widespread trading abuses and questionable sales practices, the Securities and Exchange Commission last Wednesday proposed three regulatory initiatives designed to better protect the 95 million investors in mutual funds. The nation's top securities regulator has been blasted repeatedly by New York Attorney General Eliot Spitzer for being behind the eight ball on the fund scandal, and finally, the SEC appears to be stepping up to the plate to get its house in order.

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