From: Mark Stough
SEC Chairman Christopher Cox
Dear SEC Chairman Cox,
You must start thinking about the working man. Middle class America is what made this country what it is. With our taxes we have built a great nation, the envy of the rest of the world. It was not the military that won the cold war it was the middle class tax dollar. Without it we could not have had a strong military and yet still have a strong economy where the majority of the people were satisfied with the status quo. We deserve a better say in what is done with our future retirement funds. If these rules are so great then why don't the Senate and Congresss live by them as well. You may be under the same guidelines when it comes to 401K's but that is a minor amount compared to your retirement. If you had the same retirement structure that the working class people have you would definately have tighter controls on the administration of 401K funds.
I am writing to express my strong support for the proposed rule requiring that mutual fund boards have an independent chairperson and at least 75 percent independent directors. These rules were among the most important reforms adopted by the SEC in the wake of the mutual fund trading and sales abuse scandals.
A recent study by AFSCME and The Corporate Library found mutual funds provide a rubber stamp for excessive management pay, supporting more than three-quarters of all management pay proposals. Ninety percent of institutional investors think the current system overpays executives. We need independent directors to stand up to the excesses of the money managers.
The Investment Company Act requires that mutual funds be managed in the interests of their shareholders. Requiring independent directors and chairpersons will help ensure this safeguard for the small investor, to make sure the little person gets a fair shake.