House Passes Mutual Fund Overhaul Bill [View All]

[Socialist Christian]

http://story.news.yahoo.com/news?tmpl=story&cid=568&ncid=749&e=1&u=/nm/20031119/bs_nm/financial_fund_passage_dc


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WASHINGTON (Reuters) - The U.S. House of Representatives on Wednesday approved legislation aimed at reforming the $7 trillion mutual fund industry with measures against recently uncovered trading abuses



Insiders would be prohibited from short-term trading of their own fund shares, and investors could not place trading orders after 4 p.m. Eastern time, when fund prices are typically set.


Daily revelations of abuses in the investment pools used by 95 million investors spurred bipartisan support for the bill. But it is unclear how soon the measure can be reconciled with mutual fund proposals that have yet to reach the Senate floor.