| | USATODAY.com - SEC requires independent mutual fund chairmen (Site not responding. Last check: 2007-10-31) |
 | | SEC Chairman William Donaldson, who is resigning from the agency Thursday, sided with the commission's two Democrats in the 3-2 vote that reconsidered the measure at the direction of the U.S. Court of Appeals for the District of Columbia. |
 | | The commission, however, simply affirmed its previous rules, stating that the costs involved with retaining independent chairmen, and also raising the number of independent directors on a fund board to 75% from the current 50%, were not onerous for the $8 trillion mutual fund industry. |
 | | Some industry experts say the new independent chairmen would replace chairmen who are more well-versed in fund operations and therefore they would have to hire additional staff to assist them. |
| www.usatoday.com /money/perfi/funds/2005-06-29-sec-funds_x.htm (782 words) |