Secretary of the Treasury John Snow called on the Securities and Exchange Commission to continue its restructuring of the mutual fund industry but urged more reforms in order to not sacrifice the positive aspects of funds.

"The Administration supports the SEC taking strong action when harm is done to investors, but believes that care must be taken to preserve the valuable benefits and flexibility that mutual funds provide," Snow told the Financial Services Roundtable, a lobbying group, in Scottsdale, Ariz.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.