Senator Akaka Introduces Mutual Fund Transparency Act

October 28, 2009 -- Washington, D.C. - U.S. Senator Daniel K. Akaka (D-Hawaii) today introduced the Mutual Fund Transparency Act of 2009 to require the disclosure of mutual fund fees and costs, strengthen the independence and governance of mutual fund boards, and impose a fiduciary duty on all investment advisors.

"Working families rely on mutual fund investments to pay for their children's education, prepare for retirement, and attain other goals," Senator Akaka said. "My legislation will ensure that investors are provided with meaningful information such as hidden broker commissions and average fees for comparable transactions to help them make informed financial decisions. It would also require the SEC to study ways to improve the financial literacy of mutual fund investors."

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The Mutual Fund Transparency Act of 2009 has been endorsed by Fund Democracy, Consumer Federation of America, Consumer Action, Virginia Citizens Consumer Council, Consumer Federation of the Southeast, the AFL-CIO, and the North American Securities Administrators Association.

Akaka is a member of the Senate Committee on Banking, Housing, and Urban Affairs.

Source: Senator Daniel K. Akaka