Rubén Hinojosa: “I rise in support of H.R. 2420, the Mutual Fund Integrity and Fee Transparency Act of 2003. I agreed to cosponsor this…”

“I rise in support of H.R. 2420, the Mutual Fund Integrity and Fee Transparency Act of 2003. I agreed to cosponsor this legislation which emphasizes integrity and values in the securities industry. I will vote for this bill today. However, I want the House and Senate to continue to modify its content because the mutual fund issues at hand continue to evolve. Congress needs to ensure that the final bill sent to President Bush for his signature reflects appropriate solutions to real problems so that mutual funds shareholders will benefit from it. At present we are caught in the middle of regulatory one-upsmanship which is creating an interesting situation for Congress. Although some people in the mutual funds industry certainly make themselves easy targets, press accounts of the problem have helped inflame the situation, as have the very public battles between two regulators responsible for oversight of the mutual funds industry.”