Brad Miller: “mutual funds are how America's middle class saves. It is how young couples save for their first home. It is how middle…”

“mutual funds are how America's middle class saves. It is how young couples save for their first home. It is how middle class families save for their children's education, for their children's college, and for retirement. It is how the middle class families save for a rainy day, to provide against life's harsh uncertainties. It is infuriating that some mutual fund managers have taken advantage of those families. It is even more infuriating that they have such disrespect for the middle class families who trusted them with their life savings. They seem to see America's middle class as rubes or hicks, not as the very people who make this Nation work. This legislation is a beginning, and I am pleased that no one today has described it as the end. But I certainly hope that when the Senate considers the regulation of the mutual fund industry next year they will pause to consider other reform proposals which others today have spoken of. I certainly hope that we will urge that the Senate consider measures to assure that the welfare of the funds' investors, not the funds' managers, is the guiding principle to how the funds are governed.”