Federal securities regulators are getting closer to deciding whether to reopen for public comment a controversial rule about mutual-fund governance, the chairman of the Securities and Exchange Commission said Wednesday.
"We're a few days closer" to a decision about the agency's next step on the rule, Chairman Christopher Cox told reporters following a hearing of the House Financial Services Committee.
Earlier this month, a U.S. appeals court handed the rule back to the agency. It requires 75% of a mutual fund's board members, including its chairman, to be independent from management. The court said the agency, which polices Wall Street firms, didn't allow enough public comment on the costs of the rule.
The U.S. Chamber of Commerce, a business group representing a wide variety of companies, sued the SEC over the rule. The appeals court has sent it back to the SEC twice.
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