Newspaper article St Louis Post-Dispatch (MO)

Panel Passes Mutual Fund Rules Changes

Newspaper article St Louis Post-Dispatch (MO)

Panel Passes Mutual Fund Rules Changes

Article excerpt

With strong bipartisan support, the House Commerce Committee on Wednesday approved a bill to modernize mutual fund regulations and scale back the role of states in reviewing fund and stock sales.

The measure is expected to be the main bill in Congress this year to affect Wall Street and the financial markets. Senate Banking Chairman Alfonse M. D'Amato, R-N.Y., is drafting related legislation, increasing the likelihood the reforms will pass Congress this year.

The bill trims duplicative state and federal regulations to make it cheaper for mutual funds to conduct business nationwide and for businesses to raise money in the stock market.

"It is designed to help small business find the money it needs to create new jobs, and increase the returns to pension funds, mutual funds and other savings vehicles in which our citizens are saving for retirement," said Commerce Committee Chairman Thomas J. Bliley Jr., R-Va.

The Commerce Committee's ranking Democrat, Rep. …

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