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United States · Bill · HR

H.R. 2420 (108th)

Mutual Funds Integrity and Fee Transparency Act of 2003

referredUnited States· United States Congress· EN

Introduced

11 June 2003

Last action

20 November 2003 · Introduced

Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Rep. Baker, Richard H. [R-LA-6], Rep. Gillmor, Paul E. [R-OH-5], Rep. Ose, Doug [R-CA-3], Rep. Shays, Christopher [R-CT-4], Rep. Tiberi, Patrick J. [R-OH-12], Rep. Brown-Waite, Ginny [R-FL-5], Rep. Oxley, Michael G. [R-OH-4], Rep. Frank, Barney [D-MA-4], Rep. Castle, Michael N. [R-DE-At Large], Rep. Waters, Maxine [D-CA-43], Rep. Maloney, Carolyn B. [D-NY-12], Rep. Hooley, Darlene [D-OR-5], Rep. Moore, Dennis [D-KS-3], Rep. Ford, Harold E., Jr. [D-TN-9], Rep. Jones, Walter B., Jr. [R-NC-3], Rep. Gonzalez, Charles A. [D-TX-20], Rep. Emanuel, Rahm [D-IL-5], Rep. Matheson, Jim [D-UT-2], David Scott, Rep. Hinojosa, Ruben [D-TX-15], Rep. Hensarling, Jeb [R-TX-5], Sen. Capito, Shelley Moore [R-WV], Rep. Garrett, Scott [R-NJ-5], Rep. Biggert, Judy [R-IL-13]

Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Mutual Funds Integrity and Fee Transparency Act of 2003 - Directs the Securities and Exchange Commission (SEC) to require mutual funds to disclose specified costs in their periodic reports to shareholders. States that a disclosure shall not be considered to be made in an appropriate disclosure document if it is made exclusively in a prospectus or statement of additional information. Amends the Investment Company Act of 1940 to require each investment adviser to a registered investment company to report at least annually to such company's board of directors regarding specified payments, services and research services. Imposes a fiduciary duty upon company boards of directors to: (1) supervise and determine that an investment adviser's direction of the company's brokerage transactions serves the best interests of company shareholders; (2) supervise revenue sharing arrangements to ensure compliance with this Act; and (3) determine that revenue sharing arrangements serve the best interests of company shareholders. Reduces from sixty percent to one-third the number of "interested persons" who may serve as board members of a registered company. Prohibits an "interested person" from serving as chairman of the board of a registered company. Revises accountant selection criteria to: (1) mandate accountant selection by the audit committee of a registered company; (2) confer direct responsibility upon the audit committee for appointment, compensation, and oversight of the independent public accountant employed to prepare or issue the audit report; (3) require such independent public accountant to report directly to the audit committee; and (4) require each audit committee member to be a member of the board of directors, and to otherwise be independent. Directs the SEC to study and report to specified congressional committees on the use of soft dollar arrangements by investment advisers.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 11 June 2003

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 11 June 2003

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 11 June 2003

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 18 June 2003

    Committee

    Subcommittee Hearings Held.

    Source: Committee

  5. 18 June 2003

    Referred

    Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

    Source: Committee

  6. 23 July 2003

    Reported

    Ordered to be Reported (Amended) by Voice Vote.

    Source: Committee

  7. 23 July 2003

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  8. 23 July 2003

    Committee

    Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises Discharged.

    Source: Committee

  9. 4 November 2003

    Calendars

    Placed on the Union Calendar, Calendar No. 205.

    Source: Calendars

  10. 4 November 2003

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 108-351.

    Source: Committee

  11. 4 November 2003

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 108-351.

    Source: Committee

  12. 19 November 2003

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  13. 19 November 2003

    Vote

    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 418 - 2 (Roll no. 638). (text: CR H11533-11537)

    Source: Floor

  14. 19 November 2003

    Vote

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 418 - 2 (Roll no. 638).(text: CR H11533-11537)

    Source: Floor

  15. 19 November 2003

    Floor

    Considered under suspension of the rules. (consideration: CR H11533-11547)

    Source: Floor

  16. 19 November 2003

    Vote

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

    Source: Floor

  17. 19 November 2003

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 2420.

    Source: Floor

  18. 19 November 2003

    Floor

    Mr. Oxley moved to suspend the rules and pass the bill, as amended.

    Source: Floor

  19. 20 November 2003

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 20 November 2003

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 20 November 2003

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  • Engrossed in House (text)

    Engrossed in House · EN · 19 November 2003

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 19 November 2003

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  • Passed House amended

    summary · EN · 19 November 2003

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  • Reported in House (text)

    Reported in House · EN · 4 November 2003

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  • Reported in House (PDF)

    Reported in House · EN · 4 November 2003

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  • Reported to House with amendment(s)

    summary · EN · 4 November 2003

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  • Introduced in House (text)

    Introduced in House · EN · 11 June 2003

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  • Introduced in House (PDF)

    Introduced in House · EN · 11 June 2003

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  • Introduced in House

    summary · EN · 11 June 2003

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Sponsors

Related records

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Sources

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