Fund Democracy

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Stephen Garmhausen, Ex-SEC Official Aims to be Watchdog for Fund Industry, Ignites.com (May 23, 2000).  

Abstract: Garmhausen describes the successful outcome of Fund Democracy's hearing request on the Barclays' applications (see below), Fund Democracy's advocacy program, and Fund Democracy's plan to fund its program by providing annual subscribers with analysis and commentary relating to mutual fund regulation, litigation, proxies, and operations.

"Bullard's fight will focus on getting timely, relevant data made more readily available to investors.  He wants to assemble a phalanx of mainstream consumer advocacy, including Public Interest Research Groups, to back him as he lobbies Congress and regulators. . . . 'I want to generate groupings of interested parties around a manifesto of regulatory reform for funds,' says Bullard. 'Right now, the SEC is besieged by one side of the argument, and members of Congress are trying to limit reform.'

"Bullard says he's ready to ruffle feathers if necessary.  But he would prefer things to go as smoothly as they did in the Barclays ETF prospectus case.  In that situation, Barclays proved eager to cooperate.  'The Barclays' matter is exactly the kind of initiative I'd like to repeat,' he says. 'My goal is to have a very constructive relationship with the industry.'"  (The full text of this article is available to Ignites.com subscribers.)