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H.R. 4505: Mutual Fund Reform Act of 2004

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H.R. 4505: Mutual Fund Reform Act of 2004

108th Congress · introduced 2004-06-03 · Finance and Financial Sector · Latest: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2004-06-03 · official record
  2. Who proposed it: Rep. Gillmor, Paul E. [R-OH-5] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Mutual Fund Reform Act of 2004

Plain summary

Mutual Fund Reform Act of 2004 - Amends the Investment Company Act of 1940 to: (1) reduce from 60 percent to 25 percent the maximum number of interested persons serving on the board of directors of a registered investment company; and (2) prohibit an interested person of such company from serving as chairman of such board of directors. States that a fiduciary duty is owed by: (1) the board of directors to act with loyalty and care in the best interests of shareholders; and (2) an investment adviser to supply material information necessary for independent directors to review and govern the company. Revises guidelines governing independent accounting and auditing. Directs the SEC to require adoption of a code of ethics by a registered investment company and by its investment advisers and principal underwriters. Directs the SEC to require each senior executive officer of an investment adviser to certify in periodic reports to shareholders that specified procedures are in place to verify compliance with transparency and specified ethical considerations. Grants whistleblower protection for employees of publicly traded companies and registered investment companies. Directs the SEC to develop standardized disclosures for: (1) expense and transaction cost ratios; (2) cost structures; (3) investment adviser compensation; (4) point of sale; and (5) additional disclosures of broker compensation. Repeals Rule 12b-1 fees (asset-based distribution expenses paid by investors). Prohibits: (1) revenue sharing; (2) directed brokerage fees; (3) soft dollar arrangements; (4) short-term trading; and (5) joint management of mutual funds and hedge funds.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Mutual Fund Reform Act of 2004

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Gillmor, Paul E. [R-OH-5] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
Rulemaking
The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong108-hr4505 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108