FROM THE OFFICE OF PUBLIC AFFAIRS

Mutual funds are vitally important savings tools for millions of American families.  They play an essential role in business growth and job creation and have helped transform America into an ownership society. The thoughtful reform proposals put forth by Chairman Donaldson today as part of his Mutual Fund Investors’ Rights Agenda represent important progress in strengthening the governance and transparency of mutual funds, in preserving the critical role that these funds play in our financial system, and in protecting investors. 

I look forward to working with Chairman Donaldson as the SEC continues to pursue reforms to ensure that our nation’s financial markets remain strong, fair and accessible for all Americans.  This administration will not tolerate wrongdoing by anyone who would abuse the trust of investors.  I am pleased by the action the SEC took today, and I am confident Chairman Donaldson will continue to seek out bad actors and bring them to justice.