The U.S. Chamber of Commerce filed paperwork last Thursday to again challenge a U.S. Securities and Exchange Commission rule requiring that a mutual fund's chairman and three quarters of its directors be independent of the company.
The U.S. Court of Appeals filing was not unexpected after the SEC voted in a 3-2 vote on June 30 to reaffirm the proposal, first adopted in June 2004. After challenging the rule, the District of Columbia Circuit Court had sent the matter back to the SEC, saying that the rule's costs and alternatives had not been considered.
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