A host of bills proposing changes in the mutual fund industry are making their way through Congress. While most of them address proposals made by the SEC, Congress is considering each issue, looking to industry groups and public experts for help in discovering the best course for fund reform.

It "would be premature" to expect Congress to leave fund reform to the SEC and turn all of their energies toward impending elections, said Sen. Richard Shelby, chairman of the Senate Committee on Banking, Housing, and Urban Affairs, according to a Reuters report.

In remarks before the Institute of International Bankers on Monday, Sen. Shelby reaffirmed the Committee's dedication to addressing mutual fund abuses. "The SEC has already issued preliminary rules designed to address many of the abuses we have observed," he said. "It is my hope that the Committee’s deliberations will be informed by these regulatory initiatives, as we consider whether a legislative remedy is necessary."

The SEC has proposed a 4 p.m. hard close and an independent chairmen requirement for fund boards. At the fifth public hearing on fund abuses, critics questioned both of these proposals.  

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