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Purpose and Services
This page was last updated on June 18, 2001. Articles by Fund Democracy: Archives SEC Commissioner Saw the Future of Mutual Funds, TheStreet.com (June 16, 2001) View the full text of the article. Abstract: When SEC Commissioner Paul Carey passed away June 14, 2001, at age 38 after a long bout with cancer, mutual fund shareholders lost a true unsung hero. Without much fanfare, Carey, a former legislative liaison for President Clinton and the son of former New York Gov. Hugh Carey, frequently tackled tough issues with insight and a knack for seeing what the future holds for mutual funds. Commissioner Carey's vision and resolve made important contributions to issues that will shape the future of mutual funds. He recognized that the structure of mutual funds would have to be revised to accommodate Social Security private accounts, and that disclosure of mutual fund proxy voting records wwould someday be the norm. Carey also pushed the envelope on fund advertising, suggesting that the SEC would pursue funds that ran ads that, while technically compliant were misleading. He successfully rebuffed industry attempts to water down the SEC's proposal to require that counsel to independent fund directors are independent of the fund's sponsor. Like his thoughts on private Social Security accounts, misleading fund ads, the proper role for fund counsel and mutual fund proxy voting, Carey was ahead of his time, identifying problems before they became daily headlines, and anticipating solutions with discerning clarity. |