Wagner, Sherman Call on SEC to Re-Evaluate Mutual Fund Proposed Rule

Washington, D.C.  – Congresswoman Ann Wagner (R-MO), Chair of the Financial Services Subcommittee on Capital Markets, and Congressman Brad Sherman (D-CA), Ranking Member of the Financial Services Subcommittee on Capital Markets, sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler outlining concerns over the SEC’s recent proposal on open-end fund liquidity risk management programs and swing pricing.

The Members said: “It is clear that the SEC has presented this rule without due consideration for its impact on main street investors. The proposal fails to identify a real problem that it claims to solve, and its implementation would disproportionately harm those saving for retirement. Our constituents are deeply concerned about the future of their mutual fund products, and we share their concerns. We urge the SEC to carefully evaluate its next steps and ensure that any new rules are made with the best interests of all investors in mind.”

Read the full letter here.