Washington (April 5, 2004) -- Treasury Secretary John Snow told a financial lobbying group that the Bush administration is in support of overhauling the $7.5 trillion mutual fund industry and would work with fund companies on possible reform strategies.

Speaking to the Financial Services Roundtable in Scottsdale, Ariz., Snow said that the Bush administration “Supports taking strong action when harm is done to investors, but believes that care must be taken to preserve the valuable benefits and flexibility that mutual funds provide.”

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