From: Charles N. Young, M.D.
The Honorable Christopher Cox, Chairman
Dear Chairman Cox:
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. I agree with John Bogle, former Chairman of Vanguard Funds. Those who argue that the SEC will limit options of the funds, and impose onerous rules are arguing for their own self interest, and not the millions of small shareholders who depend on mutual funds for their retirement and college savings. Individuals with 401K plans often have a limited choice of funds, they should not have to purchase shares in funds without safeguards in place. Even the appearance of an incestuous relationship between fund managers and the board may influence them to not invest in a retirement plan.
I thank you for your time.
Charles N. Young, M.D.