Senator Richard C. Shelby

Mutual Fund Reform

Since November 2003, the Banking Committee has focused on restoring investor confidence by examining abusive practices and necessary reforms in the mutual fund industry. The Committee has held ten hearings addressing mutual fund operations, governance and disclosure practices. Through these hearings, the Committee has come to understand the full scope of the issues confronting the industry. Simultaneous with the Committee's examination, the U.S. Securities and Exchange Commission (SEC) has pursued an aggressive reform agenda. I support the SEC's actions and intend to ensure that the SEC remains committed to reform. The Committee will continue to monitor the SEC's actions and the industry, and we will ensure that the SEC has the authority it needs to reform the industry.

I believe that it is critical that Congress, the SEC and market participants work to restore integrity to our capital markets.

For more information on Senator Shelby's activities regarding Banking, Housing and Urban Development, please visit http://banking.senate.govor see below:

Date Title

05/19/05 SHELBY ANNOUNCES OVER $487,000 FOR HOME OWNERSHIP PROGRAMS IN FLORENCE
05/16/05 SHELBY ANNOUNCES $20 MILLION FOR McKENZIE COURT IN TUSCALOOSA
07/02/04 SHELBY ANNOUNCES OVER $3.5 MILLION FOR HOME OWNERSHIP PROGRAMS IN MOBILE
07/02/04 SHELBY ANNOUNCES OVER $2.4 MILLION FOR HOME OWNERSHIP PROGRAMS IN HUNTSVILLE