From: Joseph Witt
SEC Chairman Christopher Cox
Dear SEC Chairman Cox,
I look to the Securities and Exchange Commission (SEC) to protect all Americans, especially small investors like myself. I am writing to support the proposed rule requiring mutual fund boards to have a large majority of independent directors. They also need to have an independent chairman.
We need directors twho will stand up to the money managers when they make bad choices or abuse company finances.
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.