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May 21, 2004 at 08:00 PM
NU Online News Service, May 21, 2004, 5:13 p.m. EDT – A powerful lawmaker has come out in favor of putting independent chairmen in charge of mutual fund families.[@@]
U.S. House Financial Services Committee Chairman Michael Oxley, R-Ohio, says he learned through his own research that 85% of the mutual fund families implicated in the recent fund scandals had management-affiliated chairmen during the time of the alleged violations.
Oxley has sent his research to the chairman and commissioners of the U.S. Securities and Exchange Commission and asked them to adopt a proposed rule that would require mutual fund companies to have independent chairmen.
