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Fund boards are another item on the S.E.C.'s agenda.
What concerned investigators and investors was the link between the Digest and Wallace fund boards.
The pension fund boards were considering investing $1 billion in the fund.
What are the benefits of the S.E.C. proposal to make fund boards more independent?
In the quarter, the Securities and Exchange Commission made a big change in the way mutual fund boards operate.
You need to have some independents, but I would encourage fund boards to have people from inside as well.
Mr. Kinnel contends that several other mutual fund boards should follow the example of these two and vote to liquidate.
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Mr Donohue has sued the SEC over a new rule regulating mutual-fund boards.
(According to Dan Balz's book "Collison 2012," Perry's appointing power to pension-fund boards cramped his run in the last primary, too).
Mr. Gallagher and Mr. Paredes in particular urged the commission staff to look into other options, specifically the idea of allowing money-fund boards to impose "gates" — temporary restrictions on redemptions — when necessary to "stave off a run" or "mitigate the concerns of investors who otherwise may be inclined to redeem".
On the proposal to require independent chairmen for mutual fund boards i.e., a board member not employed by the fund manager Roye said the issue gets down to the "fundamental question of whose fund is it".
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