Fund Democracy

This web site provides business law materials for law students and materials related to Fund Democracy, an advocacy group for investors founded by law professor Mercer Bullard. Fund Democracy has testified before seven different Congressional committees on twenty occasions, submitted dozens of comment letters on regulatory proposals, published commentaries and law review articles, and appeared before a diverse audiences to speak about investing-related regulatory issues.

Mercer Bullard is an MDLA Distinguished Lecturer and Associate Professor of Law at the University of Mississippi School of Law, where he is also Director of the Business Law Institute. he teaches courses on corporate, securities and financial institutions law and regulation regulation. Professor Bullard is a senior adviser for Plancorp LLC, a St. Louis-Based financial planning firm and occasionally receives outside research funding and conducts continuing legal education programs. He also provides consulting and expert witness services to plaintiffs, defendants and prosecutors in securities-related litigation. He receives income from each of these activities (he receives no income from Fund Democracy).  His only investments are in mutual funds, with the exception of an investment of less than $10,000 in a real estate fund.


Professor Bullard worked at the SEC from 1996 to January 2000, where his last position was Assistant Chief Counsel in the SEC’s Division of Investment Management. While at the SEC, his staff was responsible for a wide range of matters involving mutual funds, broker-dealers and investment advisers.

From 1991 to 1996, Mr. Bullard was an attorney in the investment management practice of WilmerHale (then Wilmer, Cutler & Pickering), a law firm based in Boston and Washington DC. He joined WilmerHale after clerking for Judge Will Garwood, U.S. Court of Appeals, Fifth Circuit.

Mr. Bullard has a J.D. from the University of Virginia School of Law, where he was an Articles Editor of the Virginia Law Review. He is also a member of the Order of the Coif. Mr. Bullard has an M.A. from Georgetown University, Washington, DC, and a B.A. from Yale College, New Haven, Connecticut.