House Members Press SEC on Fund Disclosure
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Republican Reps. Michael G. Oxley of Ohio and Richard H. Baker of Louisiana are pressing the Securities and Exchange Commission on a proposal to require mutual funds to disclose more about the fees they charge investors.
The two House members Thursday asked SEC Chairman William Donaldson to adopt rules requiring funds to tell investors the estimated fees they pay for operating expenses per $1,000 invested and to better explain fees in general. The House Financial Services committee, which Oxley chairs, last week approved a bill to require greater disclosure of fund fees and limit potential conflicts of interest of fund managers.
Oxley and Baker said they wanted the SEC “as quickly as possible” to implement provisions in the bill that can be done through the agency’s rulemaking process and don’t require approval of Congress.
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