Chamber: SEC Can't Rule on Fund Governance

Hume, Lynn
December 2004
Bond Buyer;12/14/2004, Vol. 350 Issue 32029, p5
Trade Publication
The article informs the U.S. Chamber of Commerce asking a federal appeals court to vacate two provisions of the Securities and Exchange Commission. Securities and Exchange Commission has recently adopted mutual fund rule requiring chairman and 75% of fund board members be independent. U.S. Chamber of Commerce claims that the Commission has no general authority to regulate corporate governance and has overstepped its bounds with Congress. U.S. Congress, in the Omnibus Consolidated Appropriations Act signed by President George Bush on December 8, asked the Commission to submit a report to the Senate Appropriations Committee that "provides a justification" for the rule's provision that board chairs be independent.


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