Kerry introduces legislation to protect investors from mutual fund abuses

http://www.blog.johnkerry.com

Are Your Mutual Funds Safe?

John Kerry is fighting to protect small investors from the latest outbreak of the epidemic of corporate corruption that has flourished under the Bush administration. State and federal regulators have uncovered new allegations of widespread abuses within the nation’s top mutual funds. Mutual fund managers have been allowing their best customers to take advantage of loopholes to make almost guaranteed profits at the expense of average investors.

On Monday, November 3, John Kerry introduced legislation to protect investors from these mutual fund abuses. “This outrageous type of fraud lowers the value of mutual fund shares, taking retirement funds away from hardworking American families,” Kerry said. “It will not be tolerated.”

Nearly 95 million Americans have invested about $7 trillion in 8,300 U.S.-based mutual funds. The majority of U.S. households owning mutual funds have moderate incomes. Fifty-seven percent of households owning funds have incomes between $25,000 and $75,000.

You can find more details on Kerry’s proposal here on his Senate web site.