Following the House passage of the financial reform bill, on Friday afternoon, ICI president and CEO Paul Schott Stevens warned that the H.R. 4173 in its current shape could subject mutual funds to "wholly inappropriate" forms of bank-like regulations should regulators view mutual funds a source of systemic risk.

Also, the bill could unfairly require mutual funds and their shareholders to contribute to a dissolution fund for failing financial institutions," Stevens said in his December 11 statement.

"We look forward to continuing to work with Congress to resolve these issues," he added.

The House on Friday passed the 1,279-page bill by a vote of 223 to 202.  

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