Congress Muses Over Mutal Fund Rules
PORTLAND, Maine (AP) _ Maine's senators are calling on the federal Securities and Exchange Commission to reconsider a proposed rule they say would hurt residents by eliminating a requirement that mutual fund information be delivered to investors in paper form.
Sen. Susan Collins, a Republican, and Angus King, a Democrat, say the move would make electronic delivery the standard and that would negatively affect Mainers who don't have reliable Internet access. They say the agency should retain the existing requirements that mutual funds send out shareholder reports in paper form.
Current rules allow investors to select electronic delivery if they prefer it.
Sen. John Boozman, an Arkansas Republican, and Debbie Stabenow, a Michigan Democrat, joined Collins and King in authoring the letter.