According to recent press reports, the Securities and Exchange Commission (SEC) is considering releasing a controversial proposal to impose additional capital and liquidity regulations on the $2.7 trillion money market fund industry (MMMFs) and to replace the fixed $1 net-asset value ("par value") rule now used by all MMMFs to redeem customer funds with a mark-to-market (NAV) requirement. 

Does price competition exist in the mutual fund industry? If so, is it too weak to prevent anticompetitive pricing by investment advisors to retail investors?

John Bogle is one of the pioneers of the mutual fund industry in the United States, a founder of the Vanguard Group, and an author of several books and innumerable articles about finance and investing. He is also one of the most outspoken critics of the mutual fund industry today....

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Recently, two large players in the mutual fund business, Citigroup and Merrill Lynch, sold off control of their fund businesses to smaller, more specialized organizations. In addition, many smaller investment advisory organizations have been leaving the field,...

Under the Dodd-Frank financial-reform law, large nonbank firms may be declared systemically important because their failure will cause a systemic breakdown. In effect, this amounts to a government statement that these firms are too big to fail.

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Mutual funds have become the investment of choice for millions of Americans, with over $10 trillion in assets currently under management. A significant portion of these assets is used to save for retirement, and small variations in fees...

Although the mutual fund industry has grown phenomenally in recent years and now holds more than $8 trillion in securities, it still operates in a highly competitive market. Mutual funds today face strong competition from defined contribution plans and particularly from 401(k) investments. Administrators of 401(k) and other pension plans,...