Congressional committee looking for auction-rate relief

04/30/2008 | InvestmentNews (free registration)

House Financial Services Committee ranking member Spencer Bachus, R-Ala., and capital markets subcommittee ranking member Deborah Pryce, R-Ohio, joined Democratic leaders to propose offering regulatory relief to mutual funds that issue auction-rate preferred securities. In a letter to Securities and Exchange Commission Chairman Christopher Cox, the representatives outlined proposals that would allow mutual funds to provide liquidity to holders of the "frozen" securities.

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