Recent news from the Associated Press via Forbes.com: "SEC Seeks Independent Fund Board Chairmen." The article reports:
Addressing an industry scandal, a deeply divided Securities and Exchange Commission decreed on Wednesday that mutual fund boards must have chairmen who are independent from the companies managing the funds. In a rare public display of dissension, two of the panel's three Republican members said they could not support the far-reaching rule change because they had seen no evidence that it would prevent abuses in the fund industry and it could have harmful effects on funds' operations.Posted by B. Janell Grenier at June 23, 2004 06:02 PM