A Securities and Exchange Commission official Thursday expressed doubts about two SEC proposals put forth by his colleagues aimed at cleaning up the mutual fund industry, Reuters reports.

Commissioner Paul Atkins told members of the Securities Industry Association at a fund reform conference he had "severe reservations" about requiring fund boards to have an independent chairman. He said that having an independent chairman is not a panacea for the wrongdoing plaguing the industry and that some firms that had independent chairman still found themselves on the hot seat for trading improprieties.

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