July 2, 1993
TO: BOARD OF GOVERNORS NO. 59-93
SELECTED SENIOR CONTACTS
RE: CONGRESSIONAL HEARING ON MUTUAL FUND INDUSTRY: AN OVERVIEW
__________________________________________________________
On July 22, the Telecommunications and Finance Subcommittee of the House
Energy and Commerce Committee will hold an overview hearing on the mutual fund
industry. I will be testifying on behalf of the ICI. Other witnesses are:
Robert Egelston, Former Chairman
The Capital Group, Los Angeles
Edward C. Johnson 3d, Chairman & CEO
Fidelity Management and Research, Boston
Thomas R. Powers, Chairman of the Board
Transamerica Fund Management, Houston
Arthur Zeikel, President
Merrill Lynch Asset Management, New York
If confirmed, SEC Chair-designate Arthur Levitt will also testify.
This hearing will be the first on the mutual fund industry in over twenty
years. In anticipation of this most important hearing, I am asking that you
write and/or call the Member(s) of the House Energy and Commerce Committee whose
name(s) appears on the attached list and communicate, in your own words, the
following:
1. your knowledge of the hearing on July 22;
2. that your firm is headquartered or has a presence in the Member's
state (see attached "State Profile");
3. the positive contributions of the mutual fund industry to middle-
class investors and the American economy;
4. the industry's commitment to a sound SEC regulatory system that
keeps pace with industry growth;
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5. the industry's commitment to maintaining shareholder trust and
confidence;
6. your personal willingness to discuss industry issues with the Member
of Congress or his/her staff;
7. a request to meet in the state (where appropriate) with the Member
of Congress and/or talk with him/her directly prior to the hearing.
The growth and success of our industry in recent years naturally brings
with it increased attention and scrutiny. The record of the industry should be
a point of pride for all of us, and a letter to your Member of Congress conveying
the accomplishments of the mutual fund business in your state would be
appropriate and helpful. For your additional guidance, we are attaching, as a
model, an earlier letter to Chairman Markey from an Institute Governor.
Please send Julie Domenick, Senior Vice President, Legislative Affairs,
blind copies of your correspondence and advise her of any response to your
communication. Also, if your firm is represented in Washington (e.g., by a
Washington office or law firm) will you please let Julie know.
Should you wish to discuss this further or require additional information,
please call me (202/955-3510) or Julie (202/955-3544).
We very much appreciate your assistance in connection with this most
important endeavor.
Matthew P. Fink
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