The Securities and Exchange Commission voted on Wednesday to allow mutual funds to voluntarily join the 40 publicly traded companies currently submitting data to the SEC in interactive extensible business reporting language (XBRL). Fund companies will be able to submit information on their investment strategies, risks, returns and costs in XBRL.

"Investors today are inundated with information in a form that, being charitable, is difficult to understand," said SEC Chairman Christopher Cox. The chairman has proposed incorporating a software tool into the SEC website that will allow investors to readily parse through information submitted in XBRL.

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