The Securities and Exchange Commission has proposed additional rules to regulate mutual fund audit committees more closely; the regulations are the result of the Sarbanes-Oxley Act, which President Bush signed last summer in response to rampant scandal on Wall Street.

Specifically, the commission said that firms will be required to disclose the number of financial experts who serve on a company's audit committee, as well as their names. Complexes will also have to certify that those experts are "independent of management," the SEC said in a statement.

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